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Important Facts Related to Indian Economy: – (Economic Planning)

  • With reference to the need for planning in India, a book entitled ‘Planned Economy for India’ was  published  in  1934.  The author of this book was Sir M. Vishweshwarya.
  • The Indian National Congress constituted a National Planning Committee in 1938 to discuss the requirement and possibility of  planning  in  India.  The President of this Committee was Pt. Jawahar Lal Nehru.

NITI Aayog Replaces Planning Commission

65-year-old Planning Commission has been dissolved and a new institution named Niti Aayog has been constituted by the National Democratic Alliance (NDA) government. Like Planning Commission the newly established Niti Aayog will also be chaired by the Prime Minister. Niti Aayog or National Institution for Transforming India will serve as a government think tank and is meant to reflect changes required in India’s governance structures and provide a more active role for the state governments in achieving national objectives. The newly constituted institution will provide governments at the central and state levels with strategic and technical advice across the spectrum of policy making. As per official declaration, this institution includes matters of national and international import on the economic front, dissemination of best practices from within the country as well as from other nations, the infusion of new policy ideas and specific issue-based support. Niti Aayog will be headed by the Prime Minister, who will be the chairperson.

  • In 1994, a plan called ‘Bombay    Plan’   was presented   by  eight industrialists of Bombay. There-after, in the same year, ‘Gandhian Plan’   by   Mr.  Man­naragan,  in 1945   the   ‘People’s    Plan’   by labour leader M.N. Rai and in 1950 the ‘Sarvodaya Plan’ by Mr. Jai Prakash Narayan   were  pre­sented.
  • The   Planning  Commis­sion was consti­tuted in India in 1950 as a non-constitu­tional, non-statutory and advisory corporation.
  • The Prime Minister of India was the exofficio Chairman of the Planning Commission.
  • The     National  Development Council was formed on August 6, 1952.
  • The First Five Year Plan of India began on April 1, 1951.
  • The period between the Third Five Year Plan (1961–66) and the Fourth Five Year Plan (1969–74)
Planwise Selected Indicators of Development in India Sectoral Growth Rates (1997–2002 to 2016-17)
 

Indicators

IX Plan
(1997–2002)
X Plan (2002–07) XI Plan (2007–12) XII Plan (2012-17) (Target)
Average Growth Rate
Agriculture, Forestry and Fishing 2·5 2·3 3·7 4·0
Mining and Quarrying 4·0 6·0 3·2 5·7
Manufacturing 3·3 9·3 7·7 7·1
Elect. Gas and Water Supply 4·8 6·8 6·1 7·3
Construction 7·1 11·8 7·7 9·1
Trade, Hotels and Restaurant 7·5 9·6 8·3 7·4
Transport, Storage and Commu-nications 8·9 13·8 12·0 11·8
Trade, Hotel etc. + Transport, Communications, Storage 8·0 11·2 NA NA
Financing Insurance, Real Estate and Business Services 8·0 9·9 11·1 9·9
Community,  Social and Personal Services 7·7 5·3 8·3 7·2
Total GDP 5·5 7·8 8·0 8·0
Industry 4·3 9·4 7·2 7·6
Services 7·9 9·3 9·7 9·0

is called the ‘Plan Holiday’. During this period three Annual Plans were implemented.

  • The   Fifth   Five   Year   Plan (1974–79) was terminated a year before its due schedule by Janata Government one year prior to its schedule and introduced Sixth Plan for 1978–83 period, which was again dropped in 1980 by Indira Gandhi Government.
  • The Sixth Plan introduced for 1978–83  was  called  Rolling Plan. (This plan was dropped in 1980).
  • After coming back into power at the Centre in 1980, the Congress Government    implemented   the modified Sixth Five Year Plan (1980–85) in place of 1978–83 Plan.
  • In  the  Eighth  Five  Year  Plan (1992–97),  the  target  was  to achieve the annual growth rate of 5·6%, while the actual growth-rate was 6·8%.
  • The Eighth Five Year Plan was delayed for two years from its normal schedule. The Seventh Plan (1985–90) was over on March 31, 1990.
  • The Ninth Five Year Plan period began on April 1, 1997 and ended on March 31, 2002.
  • During the Ninth Five Year Plan, the revised target of annual growth  rate  in  GDP  was  set at 6.5%. But actual growth rate has been recorded to be 5·4%.
  • ‘Growth with Equity and Dis­tributive Justice’ was determined  as the main target of the Ninth Five Year Plan.
  • The    target     growth     rate    per annum  for  10th  plan (2002–07) was fixed at 8%   but   estimated achieved   annual   growth   rate stood at 7·8%.
  • The target annual growth rate for  11th plan (2007–12) was reduced to 8·1% but the actual achieved growth rate stood at 7·8%.
  • 12th Plan (2012–17) has target of real GDP growth at 8·0% p.a. The Vision of Twelfth Plan is “Rapid, sustainable and more inclusive growth”.

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