Achievements of the Five-Year Plans

Significant achievements of the Five-Year Plans include:

1. Increase in National Income: India’s national income grew by 0.5% annually before planning. India’s average yearly growth rate has been around 5% during the planning period.
2. The rise in per capita income during the planning period: The annual per capita income growth rate was 2.9%.
3. Institutional and technical advancements in agricultural planning have significantly contributed to the growth of agriculture in our nation. The average annual growth rate of agricultural output was 2.8% during the planning period.
4. Industry expansion and diversification: During the planned period, the growth rate of industrial production was roughly 7% annually. Industries producing capital and essential goods have expanded significantly. The nation is now independent in the consumer products sector. The industrial sector has evolved and been modernized.
5.  Economic and social infrastructure: During the planning phase, financial and insurance infrastructure, as well as transportation and communication infrastructure, irrigation, and power infrastructure, has grown significantly. Facilities for health and education have seen a tremendous increase.
6.  Increased job prospects have been the focus of targeted efforts throughout the plan period. The government set a goal of 58 million employees in the eleventh five-year plan.
7. Foreign trade: India’s trading abroad has also expanded astronomically. The value of international commerce in 1948–1949 was Rs. 792 crores. It was Rs. 38,11,422 crores in 2011–2012.
   Therefore, we may conclude that during the plan period, our economy made significant improvement.

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).