For the smooth functioning of any economy, planning plays an important role. The Planning Commission has been entrusted with the responsibility of the creation, development and execution of India's five year plans. India's five year plans are also supervised by the Planning commission.
Currently, the 11th Five Year Plan, is underway. India's 10th Five Year Plan, ended its tenure in the month of March, 2007.
An overview of India's Five Year Plans:
1st five year plan:
Year: 1951 to 1956
Total budget: 206.8 billion (INR) or USD$23.6 billion.
Target growth:2.1% (yearly) growth in gross domestic product.
Areas covered: India's five year plans, the 1st plan dealt with seven categories.
- Agriculture as well as community development
- Energy as well as Irrigation
- Communications and transport
- Land rehabilitation
- Social services
- Industrial sector
2nd Five year plan:
Year: 1956 to 1961
Dealt with hydroelectric projects, steel mills, production of coal, addition of railway tracks and other aspects. The 2nd five year plan abided by Mahalanobis model.
3rd five year plan:
Year: 1961 to 1966The plan was put forward in the year 1961 and was effective till the date 1966.
4th five year plan:
Commencement of panchayat elections. The tenure was from 1969 to 1974. POW or prisoners of war were set free after Simla Agreement in the year 1972.
5th five year plan:
The 5th five year plan was from 1974 to 1979.
6th five year plan:
The 6th five year plan was effective during the period 1980 to 1985. This plan was known as the Janata government plan. The Janata government plan was opposite to that of Nehruvian model.
7th five year plan:
Indian National Congress regained power. This plan was during the period 1985 to 1989.
8th five year plan:
The period between 1992 to 1997.
It may be noticed that the period between 1989 to 1991 seems to lie idle. But according to the trend, these years should have been included. But this period was characterized by political unrest. This period witnessed many changes.
9th five year plan:
Year : 1997 to 2002.
10th five year plan:
Year: 2002 to 2007.
11th five year plan:
Year: 2007 to 2012.