Like all other Five Year Plans made so far, the 9th Five Year Plan (1997-2002) is formulated, executed and supervised by the Planning Commission.
In the Ninth Five Year Plan period from 1997 to 2002, the recorded rate of growth was merely 5.35%. However, this economic growth rate is a percentage point lesser than the GDP growth of 6.5% targeted during this period.
Evolution of the 9th Five Year Plans: Some facts
Passed after 50 years of Indian independence, the 9th Five Year Plan was formulated to act as a tool for solving the economic and social problems existing in the country. The Plan in fact, was born out of the government’s realization that the latent economic reserves of the country which were still not explored, should be utilized for the overall development and benefit of the Indian economy in the coming five years. However, this could only be done when the Indian government offers strong support and priority to the social spheres of the country, focusing especially on the complete elimination of poverty.
Taking into consideration the past weaknesses, the 9th Five Year Plan endeavored to formulate fresh actions to initiate improvement in the overall economic and social sectors of the nation. To this effort, there was mutual contribution from the general population of India as well as the governmental agencies. This joint private and public attempt ultimately assured development of the Indian economy.
Primary objectives of the 9th Five Year Plan:
Each and every Five Year Plan of the Indian government is formulated, keeping in mind the fulfillment of certain objectives. The 9th Five Year Plan is no exception. The main objective of this Plan is to achieve the following goals:
Industrialization at a rapid pace
Reduction in poverty level
Gaining self-sufficiency on local resources
Complete employment for all countrymen
Price stabilization should be initiated to hasten up the rate of growth of the Indian economy
Control the ever-increasing rate of population
Creating an independent market, for enhancing private financial investments
Promotion of social events like conservation of specific benefits for special social groups, female empowerment, etc.
Achieving self sufficiency in food production
Generation of equal opportunities for employment and taking steps to reduce poverty