Sovereign economic planning in India is done through Five-Year Plans, which lay out the agenda, budget, and the manner of the implementations of economic plans, for five-year periods. The First Five-Year Plan (1951-56) came into being from December 8, 1951. Currently, we are in between the Eleventh Five-Year Plan (2007-12).
The focus of the various Five-Year Plans have been varied – self-sufficiency in food (First Plan), industrial growth (Second Plan), self-reliance in agriculture &industrial development (Third Plan), employment & education to underprivileged (Fourth Plan), inflation control & health (Fifth Plan), infrastructure & agriculture (Sixth Plan), employment, health & family welfare (Seventh Plan), liberalization (Eighth Plan), agricultural labourers, rural income, & small farmers (Ninth Plan), literacy & economic growth through private sector involvement (Tenth Plan), and 10% GDP growth & 70 million new employment opportunities (Eleventh Plan).
However, these plans have met mixed success. After the encouraging success of First Plan, unfavourable monsoon and international price rise due to Suez crisis hit the Second Plan badly. Further Plans mostly missed their targets, due to the lack of political will, corruption, and external factors. Unfortunately, even after several decades of independence, the Tenth Plan (2002-07) had serious gaps, which failed to address the problems facing agriculture, people below the poverty line, education, balanced growth, and so on. Therefore, the hope rests on the performance of the Eleventh Plan to make up for the loss of its predecessors!
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