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It does not store any personal data. In quantitative terms, the growth rate of the Indian economy may be good but not satisfactory by any standards. Only in recent plans both Ninth and Tenth plan , actual growth rate has exceeded the plan targets. In terms of per capita income, India is one of the poorest nations of the world even after more than 58 years of democratic planning. We have not yet made any significant progress towards the goal of attaining a socialistic pattern of society even after nearly 58 years of planning.
The concept of socialistic pattern of building a society has been altogether discarded when we introduced new economic policy measures in mid Instead, Indian economy very much moves on the capitalistic path. The twin aspects of social justice involves on the one hand, the reduction in economic inequalities, and, on the other, the reduction of poverty.
A rise in national income with concentration of economic power in the hands of a few people is not desirable. In an otherwise capitalist framework, inequality in the distribution of income and wealth is inevitable. Indian plans aim at reducing such inequalities, so that the benefits of economic development percolate down to the lower group of the society. The objective of removal of poverty got its clear-cut enunciation only in the Fifth Plan for the first time.
Due to the defective planning approach, income inequality widened and poverty became rampant. The incidence of poverty was on the rise. It is now nearly 28 p. But, unfortunately, it never received the priority it deserved. In the Sixth Plan of the Janata Government, employment was accorded a pride of place for the first time. However, the Seventh Plan treated employment as a direct focal point or policy.
As a result, the employment generation programme in India has received a rude shock and the problem of unemployment is mounting up plan after plan. The number of job-seekers increased from lakh as on December to lakhs as on June In the recent years, the trend is on the rise. So, the need of the hour is to formulate a correct economic policy as well as its implementation. Article Shared by. Related Articles.
Privatisation of the Public Sector Industries in India. Target was also set for controlling inflation. The plan achieved every possible thing beyond targets. Agriculture, industries, education, railways, etc. The great contribution to this was given by P. Mahalanobis model. The main focus was industrial development. Heavy industries were also taken into account with various small and medium-sized industries. People got employment opportunities and ways to income generation.
The main significance was that it promoted labor-intensive factories. The major contribution from this phase was for long term developments. The plan is called Gadgil Yojana. Independence of the economy was a major basis because it will help in self-sufficiency for many sectors. Although, the decided target of 5. Sectors like industries, communication, and social services were improved with targets.
There was a fall in agriculture production and clashes between the centre and state governments. The prices of agricultural products and consumer articles were at a peak. Now instead of 5-year plans, a three year period was meant to implement 3 annual plans. It is also called plan holidays. This period was generally come due to the ongoing Indo Pakistan War. The major reason was the failed third five-year plan.
Country was fighting with several social issues like poverty, increased unemployment, population explosion, economic recession, etc. The Indira government was formed and implemented this plan in The advancement of agriculture began with the Green Revolution and 14 Indian banks were nationalized.
Family Planning Programmes were implemented. However, due to prevailing situations plan remained incomplete and achieved only 3. The big failure of this time is considered price instability. In a chronological manner, priority was given to agriculture, industries, and mines. Minimum Needs Programme MNP was started to uplift standards of living and to fulfill minimum basic needs of the masses.
This plan was suggested by D. The expansion of roads and tourism activities worked took place simultaneously. Garibi Hatao got promoted with poverty alleviation schemes and India stepped toward Self-reliance and economical growth. The emergency was imposed and emphasis was given to PM 20 Point Programme.
A growth of 4. In contrast to Nehru Model, Janta Government put forward a plan of more employment emphasis. It criticized many prevailed plans and took inequalities and poverty as real social issues. However, its tenure ended after 2 years and the new government came up with a new five-year plan. The major focus was an increase in national income, adoption of modern technology, a decrease in poverty-ridden areas, control population expansion and many more.
Infrastructural changes also happened and helped in approaching growth strategies. Like other plans, previous targets like food, employment and so on were there but now work and productivity also got higher concentration by the government.
For the first time, the private sector was suppressing the public sector. Although for the middle and lower class it was not any kind of benefit.
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