1st Five Year Plan (1951-56)
It aimed towards the improvement in the fields of agriculture, irrigation and power and the plan projected to decrease the countries reliance on food grain imports, resolve the food crisis and ease the raw material problem especially in jute and cotton.
Nearly 45% of the resources were designated for agriculture, while industry got a modest 4.9%.The focus was to maximize the output from agriculture, which would then provide the momentum for industrial growth.
1st five year plan proved dramatic success as agriculture production hiked, national income went up by 18%, per capita income by 11% and per capita consumption by 9%.
• 2nd Five Year Plan (1956-61)
It projected towards the agriculture programs and to meet the raw material needs of industry, besides covering the food needs of the increasing population. The Industrial Policy of 1956 was socialistic in nature. The plan aimed at 25% increase in national income.
Second Five Year Plan showed a moderate success. Agricultural production was greatly affected by the unfavorable monsoon in 1957-58 and 1959-60 and also the Suez crisis blocked International Trading increasing commodity prices.
• 3rd Five Year Plan (1961-66)
Plan’s main motive was to make the country self reliant in agriculture and industry and for this allotment for power sector was increased to 14.6% of the total disbursement.
The plan aimed to increase national income by 30% and agriculture production by 30% and to promote economic developments in backward areas; unfeasible manufacturing units were augmented with subsidies and agriculture production by 30%.
The 3rd five year plan was affected by wars with China in 1962 and Pakistan 1965 and bad monsoon.
• 4th Five Year Plan (1969-74)
This five year plan mainly emphasized on encouraging education and creating employment opportunities for the marginalized section of the society as improvement in their standard of living would only make the...