Question

Describe the performance of the 12th five-year plan in India.

Answer 1

Economic planning is the process in which limited natural resources are used skillfully so as to achieve the desired goals.

1. First five-year plan (1951 – 56): Main focus was on agricultural development it achieved a growth rate of 3.6%.
2. Second five-year plan (1956 – 61): Focus was on the industrial development of the country and achieved a growth rate of 4.1%.
3. Third five-year plan (1961 – 66): To make the economy independent and to reach take off.
4. Plan holiday (1966 – 69): Equal priority was given to agriculture, its allied sectors, and the industrial sectors during annual plans.
5. Fourth five year plan (1969 – 74): Growth with stability and progressive achievement of self-reliance was the goal but the plan failed.
6. Fifth five-year plan (1975 – 79): A successful plan prioritized agriculture and then industry and mines.
7. Rolling plan: This plan was started with an annual plan for 1978-79.
8. Sixth five year plan (1980 – 85): Based on investment yojana, its objective was poverty eradication and technological self-reliance.
9. Seventh five-year plan (1985 – 90): Establishment of the self-sufficient economy and opportunities for productive employment. The private sector got priority over the public sector.
10. Annual plans: Two annual plans were formed in 1990 – 91 & 1991 -92.
11. Eighth five-year plan (1992 – 97): Priority was given to the development of the human resources. A new economic policy was introduced.
12. Ninth five-year plan (1997 – 02):
    a. Aimed to double the per capita income in the next 10 years.
    b. Aimed to reduce the poverty ratio to 15% by 2012.
13. Tenth five-year plan (2002 – 07): Growth with justice and equity was the focus but the plan failed with a growth rate of 5.6%. Aimed to double the per capita income in the next 10 years. Aimed to reduce the poverty ratio to 15% by 2012.
14. Eleventh five-year plan (2007 – 12): The main theme was faster and more inclusive growth.
15. Twelfth five-year plan (2012 – 17): The main theme was faster more inclusive and sustainable growth. The five-year plans played a very prominent role in the economic development of the country. These plans had guided the government as to how it should utilize scarce resources so that maximum benefits can be gained.