History of Five-Year Plans
- In the 1940s and 1950s, the concept of planning as a method for restoring the economy rose to popularity.
- In 1944, a group of industrialists collaborated to create a proposal for establishing a planned economy in India. It is well-known as the Bombay Plan.
- After the country attained independence, planning for development was considered an important decision.
- In the Soviet Union, the Five-Year Plan was first implemented in 1928 by Joseph Stalin.
- After gaining its independence, India began a series of five-year plans to strengthen its economy.
Five Year Plans of India List, Objectives, Achievements
Five-Year Plans of India List, Objectives, Achievements: First-ever five-year plan in the Soviet Union (Russia) in 1928, implemented by Joseph Stalin. Several capitalist and communist nations adopted the concept and later devised their schemes. After the Second World War, many developing countries turned to economic planning. These plans, typically five years, would analyze the state of the economy and include investment and expenditure plans for almost every area, from transport and energy to agriculture and industry. The Indian economy was in shambles when it attained freedom. The Indian economy was hamstrung by British rule; therefore, the fathers of development created a 5-year plan to develop it. The Planning Commission of India draughts oversees and evaluates the five-year plan in India. The planning ideology sustained the Indian economy from 1947 to 2017. The Planning Commission (1951–2014) and the NITI Aayog created, carried out, and supervised this through the Five-Year Plans (2015-2017). The new government abolished the Planning Commission, headed by Narendra Modi and he replaced it with the NITI Aayog (an acronym for National Institution for Transforming India).