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The end of Five-Year Plans: All you need to know about this
big policy change
BY ET ONLINE | APR 13, 2017, 09.11 PM IST Post a Comment
The decades-old Five-Year Plans will make way for a three-year action plan, which will be
part of a seven-year strategy paper and a 15-year vision document.
The Niti Aayog, which has replaced the Planning Commission, is launching a three-year
action plan from April 1.
The decades-old Five-Year Plans will make way for
a three-year action plan, which will be part of a
What were Five-Year plans? seven-year strategy paper and a 15-year vision
Five-Year Plans (FYPs) were centralised economic and social growth programs. Joseph document.
Stalin, president of the erstwhile USSR, implemented the first Five-Year Plan in the late
1920s. India too followed the socialist path but here the planning was not as Big Change:
The end of Five-Year Plans: All you need to know
comprehensive since the country had both public and private sectors. The planning in
India was only about the public sector. The first Five-Year Plan was launched in 1951. The idea was to plan public spending for
equitable growth rather than leaving expenditure to the market forces.
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11/18/2019 The end of Five-Year Plans: All you need to know about this big policy change - The Economic Times
The Niti Ayog, which has replaced the Planning Commission, is the new body that gives policy direction. Its founding principal is
‘cooperative federalism’. Most important difference is that Niti Ayog has no power to grant funds or make decisions on behalf of states. It
is only an advisory body.
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