(Economy) Central Planning – Five Year Plans – 1st – 4th Plans
The plans which are formulated by central government & financed by it for implementation at the national level are known as central plans.
A. Five Year Plans
B. Twenty point Programme
C. Member of Parliament local area development scheme
A. Five Year plans :
Most important among central plans.
Continuously implemented one after another since planning commenced in India.
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1. First Plan :
Period : 1951-1956
Plan accorded the highest priority to agriculture including irrigation & power projects.
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2. Second Plan :
Period : 1956 -1961
Strategy of growth laid emphasis on rapid industrialization with a focus on heavy industries & capital goods .
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3. Third Plan :
Period : 1961 – 1965
Objectives: Development of agriculture.
Considered aim of balanced, regional development for the first time.
Why third plan failed ?
Diversion of fund in –>
War with China 1961 – 1962
War with pakistan 1965- 1966 along gujarat border
Severe Drought-led famine in 1965-66
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4. Three Annual Plans :
Period : 1966 – 1969
Due to weak financial situation as well as low morale after the defeat by China, the govt. went for annual plan for 1966-67.
Another two plans in forthcoming years.
Plan Holiday – The name given by economists for this period.
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5. Fourth Plan :
Period : 1969-1974
Based on Gadgil Strategy
Special focus to the ideas of growth with stability & progress towards self- reliance.
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Fifth Plan (will be added soon)
