Wednesday, 4 January 2017

ECONOMICS NOTES:FIVE YEAR PLAN for RRB NTPC and SSC CHSL EXAM


Five Year Plans of India

1st Plan (1951-56)
1. Highest priority was given to agriculture Including Irrigation and power projects.
2. Based on Harrod-Domar model


3. In 1952 community Development program was started (CDP)

2nd Plan (1956-61)
1. Based on Mahalanobis Strategy 
2. The main objective was rapid Industrialization
3. Construction of steel plants in public sector at Bhilai, Durgapur, Rourkela.
Bhilai plant was set up  by with USSR collaboration
Durgapur Steel Plant was set up with the British collaboration
Rourkela Steel Plant  was set up with  German collaboration

3rd Plan (1961-66)
1. Based on John Sandy and S. Chakravarty Model.
2. The main objective was self-reliant & self-sustained Economy, Development of agriculture, self-reliance in food grains and integrated development of agriculture and Industrial sector. (positive growth in Agriculture sector was attained).
3. This plan is referred as a FAILED PLAN by many scholars. The cause of Failure was failed Monsoon, drought and Famine.
4. 2 wars with china in 1962 and with Pakistan in 1965 are considered to be other reasons for failure.

Three Annual Plans
1. Though the 4th plan was ready but due to the weak financial situation after the defeat from china. The government came out with 3 Annual plans.
2. Plan Holiday means, ‘the planning on holiday’. The annual plans are referred as plan holiday.(1966-67, 1967-68, 1968-69)

4th Plan (1969-74)
1. Based on S. Manne and A. Rudra model
2. Based on Gadgil strategy.
3. Main Objective was self-reliance and growth with stability.
4. It was the 1st move in the direction on Nationalisation.
5. 1971 -  war with Pakistan.
6. Nationalization of 14 banks was done in 1969
7. MRTP act was introduced in this plan (MRTP – Monopolies and Restrictive trade Practices Act)
8. FERA was Introduced in 1973 (Foreign Exchange regulating Act)

5th Plan (1974-79)
1. Planning commission model
2. The Main objective was self – reliance and poverty eradication.
3. 20-points program was introduced in this plan.
4. The slogan “Garibi Hatao” was Introduced in this plan.
5. This policy also focused on import substitution and Export promotion.
6. National program on Minimum needs in which primary education, drinking water, rural roads, housing etc. were included
7. Food for work program was started (1977-78)
8. Emergency was introduced in 1975 (National Emergency)
9. This plan was terminated one year before the schedule due to change in government.

Annual Plan (1979-80) The plan was termed as Rolling plan.
Note Rolling plan – In this plan targets of the previous years are to be Achieved in next year.Rolling plan was first advocated by Gunnar Myrdal

6th Plan (1980-1985)
1. The Model adopted in this plan was tailored by planning commission.
2. NREP – National Rural Employment program was introduced in 1980.
3. Rural landless employment guarantee program was launched in 1983,
4. Dairy Development program TRYSEM (Training rural Youth for self-employment), 
5. National seed program and KVIP were launched in 1983. (KVIP – Khadi and village industrial program)



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