The five-year plans were introduced in order to create a developed economy for India by removing the economic backwardness. It also ensures that the weaker section are a part of the economic progress of the country. The first plan was launched on 1st April 1951. All these plans had some basic goals to achieve in order to ensure the growth of the economy.
1.GROWTH
This goal was aimed towards the increase in the capacity of the country to produce goods and services. The growth can be various forms – a large size of supporting services, a large stock of capital or increase in the efficiency of the capital. The growth of a country can be measured by the increase in its Growth Domestic Product (GDP) which refers to the market value of all the final goods and services produced in a country.
2.MODERNISATION
This aimed at the adoption of new technology and changes in the society. The agenda was to increase the production of goods and services through the use of modern technology and also change in social outlook like equality to women.
3.SELF-RELIANCE
The aim over here was to make the economy self-reliant. It means overcoming the needs of external assistance or developing without using external resources. High usage of domestic resources was encouraged in this goal. This was done to reduce our dependence on foreign countries so that there will be no foreign interference in the policies of our own country.
4.EQUITY
The aim was to make sure that every citizen’s basic needs are fulfilled, and inequalities are reduced. It is important the benefits of the economic growth are availed by all the sections of the society regardless of their class or wealth. A close attention was to be paid to make that the standard of living of all the people is raised and social justice is promoted.
However, each and every goal cannot be given equal importance under the same plan. Each plan launched in each five year had different goals to achieve.
| FIVE YEAR PLAN | YEAR | GOAL |
| First | 1951-56 | Development of primary sector |
| Second | 1956-61 | Development of public sector |
| Third | 1961-66 | Overall development and independent economy |
| Plan holiday | 1966-69 | Priority to agriculture and industry |
| Fourth | 1969-74 | Development of agriculture |
| Fifth | 1974-79 | Employment and poverty |
| Plan holiday | 1979-80 | Overcome the rigidity of five-year plan |
| Sixth | 1980-85 | Liberalization and elimination of price control |
| Seventh | 1985-90 | Increase in economic productivity |
| Plan holiday | 1990-92 | Increase in economic productivity |
| Eight | 1992-97 | Modernization and economic reforms |
| Ninth | 1997-2002 | Promotion of economic and social growth |
| Tenth | 2002-2007 | Reduction in poverty and gender gaps in literacy |
| Eleventh | 2007-12 | Rapid and inclusive growth |
| twelfth | 2012-17 | Faster and sustainable growth |
