5th Five Year Plan Of India
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India’s development in every sector takes place through the five year plans which are laid out by the Planning Commission. They not only lay out the plans but also monitor the execution of those plans and make sure that all the machineries of the Center and the state work in coordination. The 5th Five Year Plan was also developed by the Planning Commission. The Commission has a Deputy Chairman and along with the Prime Minister, who acts as the Ex Officio Chairman, the plan is laid out. The present Deputy Chairman is Montek Singh Ahluwalia.
The 5th Five Year Plan
The 5th Five Year Plan commenced on 1974 and extended till 1979. Objective of the Fifth Year PlanThe objective of the 5th Five Year Plan was to increase the level of employment, reduce poverty and to attain self sufficiency in agriculture.
Backdrop of the 5th Five Year Plan
The world economy was in a troublesome state when the fifth five year plan was chalked out. This had a negative impact on the Indian economy. Prices in the energy and food sector skyrocketed and as a consequence inflation became inevitable. Therefore, the priority in the fifth five year plan was given to the food and energy sectors . In the later stages the increase in the supply of food grains and the export of minerals and oil reserve earned quite a good amount of foreign exchange to the Indian Economy.
Contents of the 5th Five Year Plan
The 5th Five Year Plan was laid out during a crisis period to overcome the impediments posed by the wavering economic condition. The 5th Five Year Plan was designed in a way to meet the needs of the time. The issues that were emphasised were:
