Stress was laid onemployment,povertyalleviation, andjustice. The plan also focused onself-reliancein agricultural production and defense. In 1978 the newly electedMorarjiDesaigovernment rejected the plan. Electricity Supply Act was enacted in 1975, whichenabled the Central Government to enter into power generation and transmission.
The Seventh Plan marked the comeback of theCongressParty to power. The plan laystress on improving the productivity level of industries by upgradation of technology.
Period between 1989-91
1989-91 was a period of political instability in India and hence no five year plan wasimplemented. Between 1990 and 1992, there were only Annual Plans. In 1991, Indiafaced a crisis inForeign Exchange(Forex) reserves, left with reserves of only about $1 billion (US). Thus, under pressure, the country took the risk of reforming the socialisteconomy.P.V. Narasimha Rao)(28 June 1921 – 23 December 2004) also called Father of Indian Economic Reforms was the twelfth Prime Minister of the Republic of India andhead of Congress Party,and led one of the most important administrations in India'smodern history overseeing a major economic transformation and several incidentsaffecting national security. At that time Dr.Manmohan Singh(currently, Prime Minister of India) launched India's free market reforms that brought the nearly bankrupt nation back from the edge. It was the beginning of privatizationandliberalizationin India.
Eighth plan (1992-1997)
Modernizationof industries was a major highlight of the Eighth Plan. Under this plan, thegradual opening of the Indian economy was undertaken to correct the burgeoningdeficitand foreign debt. Meanwhile India became a member of theWorld Trade Organizationon 1 January 1995. The major objectives included, containing population growth, povertyreduction, employment generation, strengthening the infrastructure, Institutional building,Human Resource development, Involvement of Panchayat raj, Nagarapalikas,N.G.OSandDecentralization and peoples participation. Energy was given prority with 26.6% of the