Eighth Five-Year Plan

Brief On The Five-Year Plan And Its Relation To The Eighth Five-Year Plan

The announcement and the objectives of the First Five Year Plan that happened in the month of April 1951 began a development process aiming not just at enhancing people’s living standards but also aimed at providing them with potential opportunities for a better and far more diverse lifestyle. This betterment of lifestyle and overall development was envisioned to be accomplished through expansion, industrialisation, self-sufficiency including social justice policies. Over the last four decades, the five-year plan paved a long way for developments throughout India and was a huge success. When observed, the economy at the time of independence was primarily centred around the agricultural sector but has now evolved into one centred on a well and extremely versatile network with enormous industrialisation capabilities. The income level within the Indian economy, as well as the consumption, has grown dramatically. The consumption varieties have evolved and expanded. Poverty has now been decreasing throughout recent years. The average lifespan seems to have increased. The birth as well as mortality rates, together with, have decreased throughout the years. The educational foundation was also broadened as literacy rates increased exponentially.

The development throughout the decades gave rise to a better agricultural sector that has the ability to handle the population and economy with food production in a self-sufficient way. We’ve developed a diverse sector primarily around industrial infrastructures. We have a vast pool of talented workers as well as a strong business spirit. The performance, as well as the implementation of policies regarding the economy a decade prior to the Eighth Plan, seems to be outstanding. The preceding years gave rise to having the resources to make additional progress, which helps in the challenge ahead of the Eighth Plan, which seems to be to capitalise on all these advantages as well as build stronger foundations that will help the economy in the coming years.

Brief On The Eighth Five-Year Plan

Throughout the early years of development, the economy went through a rough phase. The increasing fiscal deficits as well as the quick shortage when dealing in foreign exchange reserves produced a condition that imposed tremendous stresses upon the economy, resulting in extreme trade restrictions and rising inflation resulting in an economic slump. With the introduction of the eighth five-year plan, it was expected that the results would be relatively low during 1991-92, which are the starting years of the eighth five-year plan. Central planning adjustments, as well as new policy decisions, were implemented as countermeasures.

With the introduction of the Eighth Plan, it was a must for the government to reorganise some of the planning for the development that was going to take place during the following years, as its goal was to build a solid foundation for better outcomes and increasing economic standards, that mainly focused on advancement throughout rising living standards, healthcare, as well as education including employment opportunities, poverty eradication, and demographic changes, were some of the major objectives too. The public sector seems to have a leading position and is the major sector in the Indian economy. The public sector had objectives of building the infrastructures to facilitate the access for growth in all sectors and setting an objective for taking risks and developing entrepreneurship ideas, including solving and addressing social concerns, supporting the poor and fostering an atmosphere of social equality.

The public sector’s responsibility for the betterment of the people seems to have declined during the years before the eighth five-year plan. Many government-owned businesses became non-efficient.  There was a new form of carelessness that was not favourable for progress. Although there are numerous social as well as infrastructure industries which can not be run with the help of public sector funding, it was suggested that these industries must be made more effective and profitable; further Then, they must forgo operations that aren’t critical to their objective. This work of reorganisation must be undertaken under the eighth five-year plan.

Conclusion

The article explains the eight five year plan briefly. It further talks about how the eight five year plan was primarily built upon the objectives of making the economy of India a better place for investments as it was in the direction of recession. The article also mentions a few topics related to the five-year plan.