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
This is an eventful week, but the economic calendar starts slowly. The FOMC meeting, first look at Q1 US GDP and the US jobs report, are the highlights. The capital markets are also off to a slow start. The US dollar is narrowly mixed. Against most of the major currencies, the greenback has been confined to about a 15 tick range.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
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.
QFINANCE is a unique collaboration of more than 300 of the world’s leading practitioners and visionaries in finance and financial management, covering key aspects of finance including risk and cash-flow management, operations, macro issues, regulation, auditing, and raising capital.
Vice President and Director of the Global Economy and Development Program at the Brookings Institution. Former Turkish Minister of State for Economic Affairs. Head of the United Nations Development Program (UNDP) from 2005-2009.