What was the Five Year Plan summary?
Five-Year Plan, Soviet economic practice of planning to augment agricultural and industrial output by designated quotas for a limited period of usually five years. Nations other than the former USSR and the Soviet bloc members, especially developing countries, have adopted such plans for four, five, or more years.
Who is the father of 5 year plan?
The first five year plan was introduced by Joseph Stalin in the USSR in 1928.
What is the 5th Five Year Plan?
Fifth Plan (1974–1978) The Fifth Five-Year Plan laid stress on employment, poverty alleviation (Garibi Hatao), and justice. The plan also focused on self-reliance in agricultural production and defence.
What was the main theme of the Five Year Plan of India?
There were two main objectives of this plan i.e. growth with stability and progressive achievement of self-reliance. III. During this time, 14 major Indian banks were nationalized and the Green Revolution was started. Indo-Pakistani War of 1971 and the Bangladesh Liberation War took place.
Which Five Year Plan was most successful?
The correct answer is Eleventh plan. Eighth Five Year Plan: Its duration was from 1992 to 1997, under the leadership of P.V. Narasimha Rao.
What is five year plan in Indian economy?
First Five Year Plan It was established under the leadership of Jawaharlal Nehru from 1951 to 1956. It was based on the Harrod-Domar model, but with some modifications. Its main focus was on the country’s agricultural development. This plan was a success, with a 3.6% growth rate (more than its target of 2.1% ).
What was the main objective of first Five Year Plan?
The first year plan was Harrod – Domar model of development economics. FYP had a target of 2.1% PA growth in national income. Top priority was given to the development of agricultural sector. The idea was agricultural development would lead to higher rate of economic growth.
Who introduced the five years plan in India?
Jawaharlal Nehru
Jawaharlal Nehru, India’s first Prime Minister, saw “Five Year Plans” (FYPs) as vital to the implementation of his vision of a modernised and socialist India. First introduced in 1951, FYPs comprised economic and social programmes that were centrally designed, executed and evaluated by the Planning Commission of India.
Which five-year plan was most successful?