India has emerged as a super power. The transition was not easy. Guidelines for operating the economy was provided by the five year plans.
The 1st five year plan was presented by Jawaharlal Nehru, who was the Prime Minister during that period. It was formulated for the execution of various plans between 1951 to 1956. The Planning Commission was responsible for working out the plan.
Objectives of the 1st five year plan(1951 to 1961):
The primary aim of the 1st five year plan was to improve living standards of the people of India. This could be done by making judicious use of India's natural resources. The total outlay of the 1st five year plan was worth Rs.2,069 crore. This amount was assigned to different sectors which included:
Development of agriculture and community
Miscellaneous issuesThe target set for the growth in the gross domestic product was 2.1percent every year. In reality, the actual achieved with regard to gross domestic product was 3.6 percent per annum. This is a clear indication of the success of the 1st five year plan.
Some important events that took place during the tenure of the 1st five year plan:
The following Irrigation projects were started during that period:
The government had taken steps to rehabilitate the landless workers, whose main occupation was agriculture. These workers were also granted fund for experimenting and undergoing training in agricultural know how in various cooperative institutions. Soil conservation, was also given considerable importance.
The Indian government also made considerable effort in improving posts and telegraphs, railway services, road tracks, civil aviation.
Sufficient fund was also allocated for the industrial sector. In addition measures were taken for the growth of the small scale industries.
The US Federal Reserve this week has moved one step closer to lifting interest rates by ending its controversial bond-buying program. This begins a long-anticipated process that will take many months to complete: the metamorphosis of a dove into a hawk.
This leaves us with the question of a date for an actual rate hike – a moment economists expect surveyed by CNBC expect will be in July 2015, a month later than previously forecast.
Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
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.
Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific