Right from independence, the Indian economy was premised on the concept of planning. This was carried through the Five Year Plans. They were developed, executed, and monitored by the Planning Commission till 2014 and now it is handled by NITI Aayog since 2015. Five-Year Plans are centralized national economic programs. 

The concept of Five Year Plans was implemented by Joseph Stalin and later adopted by many countries, and states. India launched its first five-year plan in 1951 after Independence, under the influence of India’s first prime minister, Jawaharlal Nehru. Right from Independence, India has developed, and implemented 12 sets of five-year plans. 

What are the Objectives of Five Year Plans? 

Some of the major objectives of the five-year plans are: 

1. Bringing economic stability and development to the country. 

2. To increase the employment level and living standards of the citizens. 

3. To provide a self-sufficient economy. 

4. To provide regional development. 

5. To provide sustainable development 

6. To provide social justice and social welfare 

7. To help in population control. 

8. Reduction in economic inequality. 

9. To increase the standard of living. 

10. To provide social welfare and provision of efficient social services.

Earlier the five-year plans were implemented and regulated by the Planning commission. Now it is replaced by the think tank called NITI Aayog which was set up in 2015. NITI Aayog came up with three documents are three-year action agenda, a seven-year medium-term strategy, and a fifteen-year vision document.

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