The Fourth Five Year Plan (1969 To 1974)

The Fourth Five-year Plan (1969-1974) was prepared during the regime of Prime Minister Shri Lal Bahadur Shastri as a step forward on the road to socialism. The Fourth Five-year Plan (1969 to 1974), the main objective of correcting the earlier trend of increased concentration of wealth and economic power, has succeeded in achieving most of its targets and targets. Realising the importance of eliminating disparities between rural and urban areas to increase farmers’ income to increase farmers’ income, they embarked on a program to improve food security in the country. The nationalised 14 major Indian banks of the Fourth Five-year Plan (1969-1974) helped develop the small-scale sector.

The Fourth Five-year Plan (1969-1974)

The fourth Five-year Plan, covering the years 1969 to 1974, aims to further strengthen and raise the efficiency of the national economy with a high level of industrialisation and the objective of correcting the earlier trend of increased concentration of wealth and economic power in individual individuals’ hands. The plan envisages an annual increase in national income’s average annual growth rate.

A special objective of the Fourth Five-year Plan (1969-1974) was to correct the earlier trend of increased concentration of wealth and economic power. At the same time, there were many encouraging signs of an upward trend in per capita income. The 1969-1974 Plan included a perceptible shift in the equitable distribution of resources, facilities, and services. It was an ambitious plan to create a”New India” characterised by progress towards self-reliance and efficiency in national defence, growth with stability, and balanced regional development.

The Fourth Five-year Plan has a major objective of correcting the earlier trend of increased concentration of wealth and economic power as follows:- 

•  Raising agricultural production, 

•  Fulfilling the year’s people’s food requirements, 

• Reducing unemployment and underemployment,

• Forming a strong industrial base and eliminating disparities in income between different regions.

Details on the objectives of the fourth five-year plan 

• The main objective of correcting the earlier trend of increased concentration of wealth and economic power, which is not in keeping with the national interest, nor conducive to social and economic stability. 

• This plan was to ensure balanced and accelerated growth, raising output rapidly to the level called for by the country’s increasing needs and its people for a better life.

• It is used to expand opportunities for employment at remunerative wages for every citizen so that there may be no wide disparity in income.

• It aims to promote conditions favourable for the effective functioning of planning and management and research, development, innovation, and technology to apply the national policies in the nation effectively.

The 1970s were a period of mixed fortunes for India, with political turmoil and unemployment becoming salient issues. On the other hand, the sector with the highest growth was science and technology. The nationalised 14 major Indian banks of the Fourth Five-year Plan (1969-1974) helped develop the small-scale sector, mainly credit facilities to artisans, small traders, and peasants through cooperative banks.  

The nationalised 14 major Indian banks in 1969–1972 are as follows 

1. Canara Bank, 

2. United Commercial Bank, 

3. Punjab bank

4. Sind Bank, 

5. Syndicate Bank, 

6. Bank of Maharashtra, 

7. Central Bank of India, 

8. Allahabad Bank, 

9. Indian Bank, 

10. UCO Bank, 

11. Union Bank of India, 

12. Dena Bank, 

13. Grindlays bank 

14. The Corporation Bank.

The first major event of the nationalisation of 14 major Indian banks took place. Taking advantage of the war situation, Indira Gandhi nationalised 14 major banks. It was a bold step and an act of courage.The main aim of the nationalised 14 major Indian banks is to reduce the following criteria in the industrial sector by promoting socio-economic activities through small scale industries

1. Concentration

2. Centralisation

3. Monopolisation

4. Oligopolization

5. Monopolistic competition

6. Monopsony power

7. Oligopsony 

8. Oligopoly

9. Monopsony 

The goal of the Fourth five-year Plan was to bring about the ‘self-reliance’ of the nation by moving towards a model of progress towards self-reliance in all fields. There are different steps in progress toward ‘self-reliance’. However, the most important one is to ensure the rapid growth rate of our agricultural sector. 

Conclusion

The Fourth Five-Year Plan was the major step towards the objective of correcting the earlier trend of increased concentration of wealth and economic power. The plan also envisaged an average annual growth of 5% in rural and 3% in urban areas. A three per cent annual increase in agricultural output was projected during this period. The nationalisation of 14 major Indian banks was a bold step and an act of courage for the government. A variety of steps are applied in progress with the ‘self-reliance’. However, the most important one is to ensure the rapid growth rate of our agricultural sector.