Economic Planning-Eighth Five Year Plan (1992 – 1997)

The Eighth five-year plan targeted a transition of an economy that was managed through central strategies to a market-centric economy. This was achieved through planned efforts and meticulous strategies. 

There exist various dimensions of the Eighth five-year plan, these are procurement and proper estimating of the various heads of finance, properly planned allocation of the finance in different sectors. Assessment of the consistency factors and efficient channelization of these sources of finance to pull out the growth of the Indian economy was another dimension to the plan.

 The Eighth five-year plan faced innumerable challenges in the economy as the rate of inflation was high; the BoP (Balance of payment) situation was also complex due to various factors. The Indian economy at that time was facing high fiscal deficits and budgetary deficits and the much-needed flow of adequate resources was absent in the economy. 

Explain the Eighth five-year plan (1992-1997)

The Eighth five-year plan targeted a massive scale transition of the Indian economy. The focus was shifted from an economy that was originally centrally led to a market focused structure. This was done through various detailed efforts and strategies. 

The plan focused on the development of various sectoral targets and ensured the necessary resources were deployed in due course, to achieve the target set. This provided the needed stimuli to the economy to progress in a favourable direction. 

The plan focused on the overall human development of India. It was targeted on the development of major parameters in this direction, like provision of safe drinking water, adequate maintenance of literacy levels, proper roads, and housing facilities. The Plan also helped in the development of proper infrastructure of health in all sections of India. 

The plan targeted correcting the imbalance of fiscal deficit and budgetary deficits that existed due to the previous five-year plans. The plan promotes the central and the state government participation in bringing proper resource mobilization to enhance the growth of the public sectors. 

The eight five year plan in Indian history is classified as important as it encourages the mass participation of the people, in enhancing the development of India. The people mostly were habituated with the role of observers, but the plan changed their roles to that of participants. 

The planning commissions previously developed the institutional structure at various levels, the elected people of these bodies under the plan were provided with the necessary resources to bring the needed development in their respective areas. Hence, the plan made the concept of macro-level participation through structural planning a game-changer in the Indian economy. 

The eight five year plan also focused on the creation of employment opportunities especially in and around rural areas. This helped in the prevention of urban migration and encouraged the people to stay at their place. The plan helped in the development of income-generating assets in rural areas and provided the rural dwellers with a chance to earn their livelihood through sustainable ways. 

Explain various Eighth five-year plan facts (1992-1997)

The Eighth five-year plan targeted the generation of adequate employment opportunities. The plan also targeted the creation of human development, through provisioning adequate facilities like education, healthcare infrastructure, and safe drinking water.

The plan targeted growth rate was 5.6% as the actual achievement was around 6.8%. The growth rate of the first two years of the Eighth five-year plan was about 7.7%. The planned outlay of the plan was 798100 crore. The outlay for the public sector in India was 434100 crores. The agriculture and allied sector targeted a growth rate of around 3.5% and the actual attainment was around 3.9%.

The eighth five-year plan also launched various programmes like “Mid Day Meal Scheme”, “Indira Mahila Scheme”, “The Ganga Kalyan Yojana”, “Mahila Samridhi Yojana”, “The Pradhan Mantri Rojgar Yojana”. 

Explain the Objectives of the eighth five-year plans

The detailed objective of the eight five year plan was to create overall growth in different directions. The plan focused on the development of public infrastructure facilities in various areas. These facilities are aware regarding employment availability and generation in urban, rural areas.

 The provision of proper drinking water was targeted under this plan. Various land reforms were kept in the target through the plan. The development of science and technology was also focused through the plan like proper training and education in this field. The housing and urban infrastructure was also targeted through this plan. 

Conclusion

The eight five year plan in the domain of the Indian economy occupies a significant position. The aim was to have a metamorphosis of the economy from centrally dominated to a market-oriented structure. This was done through detailed planned strategies. 

The plan faced severe challenges in the economy due to the wide budgetary and fiscal deficit existing at that time. The aim is to alleviate the poverty present and curtain the dominance of unemployment. There was a significant improvement in the per capita and growth rate attainment. This was higher than the target. Various government programmes during this eight five year plan also helped the economy to a great extent.