The 10th Five Year Plan (2002-2007) targets at a GDP growth rate of 8% per annum.Taking note of the inabilities of the earlier Five Years Plans, especially that of the 9th Five Year Plan, the Tenth Five Year Plan decides to take up a resolution for immediate implementation of all the policies formulated in the past. This amounts to making appeals to the higher government authorities, for successful completion of their campaigns associated with the rapid implementation of all past policies.
The primary aim of the 10th Five Year Plan is to renovate the nation extensively, making it competent enough with some of the fastest growing economies across the globe. It also intends to initiate an economic growth of 10% on an annual basis. In fact, this decision was taken only after the nation recorded a consistent 7% GDP growth, throughout the past decade.
The 7% growth in the Indian GDP is considered to be considerably higher that the average growth rate of GDP in the world. This enabled the Planning Commission of India to extend the GDP limit further and set goals, which will drive India to become one of the best industrial countries in the world, to be clubbed and recognized with the world’s best industrialized nations.
Like all other Five Year Plans, the 10th Five Year Plan is also devised, executed and supervised by the Planning Commission of India.
Chief Objectives of the 10th Five Year Plan:
The Tenth Five Year Plan proposes schooling to be compulsory for children, by the year 2003.
The mortality rate of children must be reduced to 45 per 1000 livings births and 28 per 1000 livings births by 2007 and 2012 respectively
All main rivers should be cleaned up between 2007 and 2012
Reducing the poverty ratio by at least five percentage points, by 2007
Making provision for useful and lucrative employments to the population, which are of the best qualities
According to the Plan, it is mandatory that all infants complete at least five years in schools by 2007.
By 2007, there should be a decrease in gender discriminations in the spheres of wage rate and literacy, by a minimum of 50%
Taking up of extensive afforestation measures, by planting more trees and enhance the forest and tree areas to 25% by 2007 and 33% by 2012
Ensuring persistent availability of pure drinking water in the rural areas of India, even in the remote parts
The alarming rate at which the Indian population is growing must be checked and fixed to 16.2%, between a time frame of 2001 and 2011
The rate of literacy must be increased by at least 75%, within the tenure of the Tenth Five Year Plan
There should be a decrease in the Maternal Mortality Ratio (MMR) to 2 per 1000 live births by 2007. The Plan also intended to bring down the Maternal Mortality Ratio to 1 per 1000 live birth by the year 2012.
The 10th Five year Plan of India in a nutshell:
Increasing the mobility of all the available financial resources of India, and optimizing them as well
Setting up of a state-of-the-art infrastructure for all the existing industries in India.
Encourage the initiative of capacity building within the Indian industrial sector
Creating a friendly, amiable and pleasant investment environment in India
Encouraging sufficient transparency in the corporate sectors of India
Introduction of reforms in the industrial sectors, which are more investor-friendly in nature
The proposed Asian infrastructure bank could galvanize growth in emerging Asia and boost lingering global recovery. According to Western media, the Asian Infrastructure Investment Bank (AIIB) is to rival the World Bank and the Asian Development Bank (ADB). In reality, the idea of the AIIB was put forward more than a year ago; not to undermine either the World Bank or the ADB, but to deliver the promise that both have failed to deliver – sustained growth in emerging Asia.
Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
Professor of Economics & Director of the Earth Institute at Columbia University. Special Adviser to the UN Secretary-General on the Millennium Development Goals. Founder & co-President of the Millennium Promise Alliance.
CEO and co-CIO of PIMCO. Served as President and CEO of the Harvard Management Company for 2 years, while also working at the IMF for 15 years. In 2008, his book "When Markets Collide", won the Financial Times award for Business Book of The Year in addition to being named as the one of the best business books of all time by The Independent.
Mario I. Blejer is a former governor of the Central Bank of Argentina and former Director of the Center for Central Banking Studies at the Bank of England. Eduardo Levy Yeyati is Professor of Economics at Universidad Torcuato Di Tella and Senior Fellow at The Brookings Institution.