What is the Role Of Five Year Plans In the Indian Economy? | UPSC Economics

The five-year plan’s concept was launched in the year 1951 and till now 12 five-year plans have been implemented in our country. Right now, the government has decided to stop the formation of the five-year plans. 

But till now, the five-year plans have played a major role in the development of the Indian economy. 

1. The main aim of the five-year plans was proper economic planning with the help of limited resources and using them skillfully so that the output will be better and maximum. 

2. The five-year plans helped to focus on the industrial development of the country. With more industries in the country, the production of the products will increase, and many people will get the opportunity to work. 

3. The five-year plan’s main objective was poverty eradication and technological development. With the new technologies in the country, work will get faster. During the five-year plans, many colleges were also set up in the country because with better education, there will be less poverty and illiteracy and better opportunities to work.

4. In some of the five-year plans, the twenty-point program, and the Minimum Needs program, and the Indian National highway system were introduced. During this time, the economy of the country achieved rapid growth. 

5. The growth in the public sector, private sector, and aiming for food grain production, increasing employment opportunities, and raising productivity with a major focus on food, work, and productivity helped the economy to achieve the target sometimes. 

After the 12^th five-year plan, the government dissolved the planning commission. It is important to know that the NITI Aayog planning doesn’t have any financial implications. There are only guide maps for the governments. All these plans are targeted to meet some objectives like reduction of poverty and achieving self-reliance

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