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The Five-Year Plans of India were a series of national development programmes implemented by the Government of India from 1951 to 2017. [1] Inspired by the Soviet model, these plans aimed to promote balanced economic growth, reduce poverty and modernise key sectors such as agriculture, industry, infrastructure and education.
The 1956 policy continued to constitute the basic economic policy for a long time. This fact has been confirmed in all the Five-Year Plans of India. According to this resolution the objective of the social and economic policy in India was the establishment of a socialistic pattern of society. It provided more powers to the governmental machinery.
The Gadgil formula is named after Dhananjay Ramchandra Gadgil, a social scientist and the first critic of Indian planning. It was evolved in 1969 for determining the allocation of central assistance for state plans in India. Gadgil formula was adopted for distribution of plan assistance during Fourth and Fifth Five Year Plans. [1]
The government was even able to exceed the targeted growth figure with an annual growth rate of 5.0–5.2% over the five-year period of the plan (1974–79). [1] [4] The economy grew at the rate of 9% in 1975–76 alone, and the Fifth Plan, became the first plan during which the per capita income of the economy grew by over 5%. [19]
Five-Year Plans of Ethiopia; Five-Year Plans of India, which existed from 1947 to 2017; Five-Year Plans of Nepal; Five-Year Plans of Pakistan, centralized economic plans and targets as part of economic development initiatives; Five-Year Plans of Romania, economic development projects in Communist Romania, largely inspired by the Soviet model ...
The model was created as an analytical framework for India's Second Five-Year Plan in 1955 by appointment of Prime Minister Jawaharlal Nehru, as India felt there was a need to introduce a formal-plan model after the First Five Year Plan (1951–1956). The First Five-Year Plan stressed investment for capital accumulation in the spirit of the one ...
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The Minimum Needs Programme (MNP) was introduced in the first year of the Fifth Five Year Plan [1] (1974–78), to provide certain basic minimum needs and improve the living standards of people. [2] It aims at "social and economic development of the community, particularly the underprivileged and underserved population".