Five Year Plans of India
Economic planning is concerned with the effective and optimal utilization of the potential resources of an economy. This is particularly so in the context of underdeveloped countries which are striving to raise the standard of living for the masses. In fact, planning is a process aimed, not merely at the best utilization of material resources, but also at the development of human faculties and institutional framework suitable to the needs and aspirations of the people. In India, the establishment of Planning Commission in 1950 heralded a new era in the economic history of the country. The Commission makes an assessment of the material, capital, and human resources of India, and investigates the possibilities of augmenting these resources. It, then, formulates a Plan for the most effective and balanced utilization of these resources. India's First Five Year Plan was launched on April 1, 1951. Since then, eleven Five Year Plans have been completed and the Twelfth Five Year Plan (2012-13 to 2016-17) is underway. This book provides a comprehensive historical account of various aspects of economic planning in India. It traces the structural changes which have transformed India from a traditional agricultural economy to a technologically strong, industrially diversified, and militarily powerful country. The book will be useful for a cross-section of academics and researchers, both in India and abroad. It will also serve the needs of legislators, business executives, entrepreneurs and investors, and others interested in the developments in the Indian economy.
Publication Date: 7/31/2013