Planning For Development

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To face many challenges Indian government implemented many policies and plans to develop the Indian economy. Economic Planning is one of the most important features of Indian Economy. Simply, Economic planning is to estimate the future expenditure of the country based on past plan.

Definition of Economic Planning: As per H. D. Dickinson “ The making of major economic decisions – what and how much is to be produced and to whom it is to be allocated by the conscious decision of a determinate authority, on the basis of a comprehensive survey of the economic system as a whole”.

The government of India adopted five year plans beginning with the first five year plan in 1951. Presented by 1st Prime Minister Jawaharlal Nehru and he was the first chairman.

Goals of Five-Year Plans:

  • Growth: To increase GDP of the country.

  • Modernization: To cope up with technology and modernization in production and agriculture.

  • Self-reliance: By developing all sectors India need not depend on any other country.

  • Equality: To implement equality among citizens.

  • Standard of living: To lead a peaceful life.

For every 5 yrs government implement a five year plan. In every plan certain sectors will be given much importance by sanctioning more resources.

Table: List of Five Year Plans in India

Five Year Plans
Five year plans

Plans

Period of Plan

First

1951-56

Second

1956-61

Third

1961-66

Annual Plan

1966-67, 1967-68, 19968-69

Fourth

1969-74

Fifth

1974-79

Annual Plan

1979-80

Sixth

1980-85

Seventh

1985-90

Annual Plans

1990-91, 1991-92

Eighth

1992-97

Ninth

1997-2002

Tenth

2002-2007

Eleventh

2007-2012

Twelfth

2012-2017

Note: Annual plans implemented during special conditions. (Due to wars against China in 1962, and against Pakistan in 1965), (Due to change of government at centre in 1979)

NITI Aayog (National Institution for Transforming India):

The new government led by Narendra Modi, elected in 2014, has announced the dissolution of the Planning Commission, and its replacement by NITI Aayog. Headquarters is in New Delhi.

Chairman of NITI Aayog: Prime Minister Narendra Modi

Vice Chairman: Rajiv Kumar

CEO of NITI Aayog: Amitabh Kanth

NITI Aayog (15 yr road map) implemented to achieve Sustainable Development Goals, to enhance cooperative federalism by fostering involvement of state governments in the economic policy making.

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