Plan Period First Plan (14.1951 ~31.31956) Se ‘Second Plan (1.4.1956-31.3.1961) ‘Third Plan (1.4.1961 -31.3.1966) ‘Three Annual Plans (1966-67 to 1968-69) Fourth Plan (1.4,1969 — 31.3.1974)and Business Cycles riasning soe Business Crete 9 per 31.32002) | () Apleday aad eealdorace Cea ‘nd rural development to ee Ach : _ ving higher économie sao Te Rede cena BE 89077 | Ren pv ” Providing employment tothe additonal labour fore. —panth42007- 3132012) | To increase GDP growth io porcear” Ga AGO-T33013) |W) To ewe OOP Sora wT pee ao" (ii) Tocreste70milionnew jeoa {Ait)_ To reduce unemployment, GAMIA=313207) |) Toachiew GDPoori ars pear Fan = Gi). To ensure sustained growth of agriculture, industy and services pars pte wit the dominant thinking then, the First Plan laid the foundation frail patter of society It almed at economic growth and balanced src development. The major objectives ofthe First Plan were: { Torestore the economy from the severe impact ofthe Second World War pee (i Topromote agricultural growth and solve the food crisis. ‘Tocheck inflation in the economy. (i) To build road and railway networks and construct major inigation and hydro electric projects. () Tocxecute development programmes for future progress, i ‘To initiate measures of social justice on a wider scale and (si) To build administrative and other organisations for development ‘Purposes. ‘The First Plan was able to achieve its targets in many areas. Agricultural ‘production, industrial production and investment in new projects increased. ‘Theincreases happened both in the public and private sectors. Irigation facilities were strengthened and the zamindari system was abolished. Second Plan (1956-61) } Se Reger gies rei fA ‘as given importance in the Second Plan. It focussed on improving basic and ‘eavy industries and expansion of the public sector. The major objectives of the Second Plan were:Tpeease of atonal nome BY 25 the standard of living: 0. ()_ Reduction of in ‘of economic power ‘Third Plan (1961-66) ‘The Third Plan focussed on the development of agr in basic and heavy industries. It aimed to improve n me, agriculture and industry. The major objec ‘an increase in national income of oversic Planning and Business Cycles 1a Fung the two yeat Period, 1966-68 the economy declined and there was sense recession in several indastes. Due to acute food shoriage, the anal Spm inrodveed anew program for rcutural growth involved using high Maing vat of Sods, extensive use of ferilisers and sil conservation. Petr 1968, improved monsoon, growth in agriculture and national income and faininflaion revived the economy. The Thre Annual Plans broughtin stability ‘hr id he foundation for the Fourth Five Year Plan Fourth Five Year Plan (1969-74) ‘The plan was approved by the Parliament in May, 1970. Its major objectives Growth with stability ‘Achievement of self-reliance Rapid increase inthe standard of living Removal of poverty and improving welfare of weaker sections Increasing national income by five and a half percent and per capita income by 3 per cent per annum.The war with Pakistan in 1971, ‘maintenance of 10 million refugees and droughts in 1971-72 and 1972-73 Jedto the Fourth Plan filling shor of targets. The government nationalised 14 major banks. The Green Revolution was introduced to increase agricultural production. The national income and per capita income were stagnant. Inflation touched high levels. There were shortfalls in meeting ‘The Fifth Plan increased allocations for irrigation, flood control, power, industry and minerals. The increased allocation was expected to be funded from ‘household savings. Its major objectives were: (i) Removal of poverty and (ti) Achievement of selfreliance, The Fifth Plan aimed at a target growth rate of five and a half per p ang Pe Pietives ofthe Sixth Plan were: (i) Progressive reduction in poverty ‘nd unemployment (ii) Development of energy sources, conservation andificienay in energy use (iil) Speedy rural development for improving coi ee landless labour and artisans (iv) Achieving velopment and self sufficiency and (v) Development of small and scale industries, ‘The Sixth Plan was able to achieve higher growth in agricultural cleoticity, gas and water supply. Inflation was under control. The ‘vere the shortfalls in manufacturing, mining and construction. Trade de budgetary deficits increased. Seventh Plan (1985-90) 4 The Seventh Plan had a planned outlay of Rs.1,80,000 crores. It achieve national income growth of 5 per cent per annum. Its major objectives were: (I) Employment generation (ti) existing assets (ii) Investments in irrigation, transport, po (iv) Improving production of foodgrains and es: (¥) Expansion of housing and rural development programs (1 ‘human resources and domestic technology. ‘The Plan achieved its targets for growth of national income ion. However, growth was financed through borrowing lance of payments crisis in 1990-91. The Jawahar Rozgar Yo to improve employment in rural areas.semnoni Planing and Business Cycles 23 lan (1997-2002) ‘ye Ninth Plan came into operation from April 1, 1997, the fiftieth year of indian independence. It aimed for broad based economic growth and promotion Ff eovaljustice. The objectives of the Plan were: (f) Importance to agriculture {odrunl development to generate employment and reduce poverty (i) Achieving figher economic growth (ii) Food security to weaker sections (Iv) Providing tusic facilities of safe drinking water, primary health care, universal primary education, ete. (¥) Containing the growth rate of population (vi) Ensuring. frvironmental sustainability (vif) Empowerment of women (vii)Developing people's participatory institutions such as Panchayati Raj, Cooperatives and selPhelp groups. ‘Tenth Five Year Plan (2002-2007) ‘The Tenth Five Year Plan (2002-2007) targeted GDP growth of 8 per cent for the plan period. Through economic growth it aimed to provide better quality of life o people. Its objectives were: (i)Reduction in poverty (ti) Providing «employment to the additional labour force during the plan period (iil) Ensuring ‘universal primary education and increase in literacy rate (iv) Reducing gender ups in literacy and wage rates (v) Reduction in population growth rate () Providing access to potable drinking water to all villages (vif) Reduction in Infant Mortality Rate (IMR) and Maternal Mortality Rate (MMR) (viii) Increasing disinvestment and FDIinflows. Eleventh Five Year Plan (2007-12) The Eleventh Five Year Plan aimed at faster and inclusive growth at the sverage annual rate of 9 per cent. The objectives of the eleventh plan were: (9 Toincrease GDP growth from 8 per cent to 9 per cent (i) To create 70 million. ‘new jobs ({ii) To reduce educated unemployment to below 5 per cent (iv) To tise real wage rate of unskilled workers by 20 per cent (y) To reduce infant ‘Mortality rate and maternal mortality rate (vi) Environmental sustainability and (vii)Reduction of gender inequality. India’s average economic growth rate was 8% during the 1th Five-Year Plan (2007-12) as compared to the target of 9%. The shortfall in achievement of the ‘rowth target was due to: (a) Global economic slowdown (b) Fluctuation in Intemational prices (¢) Inflation and (d) Decline of agriculture. tirate of 8% achieved during the red in the Tenth Plan. The growth ve global economic crisis in ‘The domestic savings rate prices. Poverty declined by 1.5 percentage points per 2009-10. : ‘Twelfth Five Year Plan (2012-2017) ituation of: (2) Global employment (iv) Growth of the global economy sh _ particularly the rise of China and (v) Increasing, pollution and global warming. ‘The major objectives ofthe Plan are: (1) To ion, reducing in ae ity Would be achieved throag