Economy / Planned Economic Development in India / Planning Goals..
Planning Goals..
India's five-year plans, initiated in 1951, were designed to promote rapid economic growth. These plans shared common long-term goals:
- Growth: Economic growth was a central objective, intending to extend prosperity to all sections and regions of the country. It was viewed as a prerequisite for achieving other socio-economic objectives.
- Modernization: Modernization entailed progress in technology and was driven by innovation and investments in research and development. Education was considered a fundamental foundation for modernization.
- Self-Reliance: This goal focuses on utilizing the country's resources and minimizing dependence on foreign countries and multinational corporations for investment and economic development. It was a pragmatic and aspirational decision in light of India's limited foreign exchange reserves.
- Social Justice: Achieving social justice meant promoting inclusive and equitable growth. This involved reducing inequalities across various dimensions, including rural-urban disparities, gender disparities, and caste-based divides. The objective was to ensure that the benefits of growth reached all segments of society.
While these were the overarching long-term goals, each specific five-year plan had its own set of objectives and priorities tailored to the prevailing economic and social conditions. It's important to note that self-reliance, as a goal, evolved and lost some of its relevance in the 1990s with the adoption of the Liberalization, Privatization, and Globalization (LPG) model, which opened up India's economy to greater global integration and foreign investment.
