Economic Planning-Tenth Five Year Plan

In order to eradicate poverty and create employability for reducing unemployment was the main aim of the tenth five year plan. The ‘Tenth five year plan’ stressed on doubling the per capita income within the next 10 years. It helps in bringing economic sustainability to the nation. 35 million people were unemployed during the time frame which is actually 9% of the total labour force in the country. Economic planning is an important chapter from a competitive examination perspective and all central and state government examinations ask questions from economic planning. 

What are the tenth five year plan facts?

In order to reduce regional inequalities tenth plan year plan adopted and follow regional approach in place of sartorial approach in economic planning. The Tenth five year plan (2002-2007) put special emphasis on poverty eradication and employment generation to bring economic stability to the nation. As compared to the 9th five year plan there is a significant increase of gross domestic saving during the tenth five year plan in India. Gross domestic Savings was 23.1% in the 9th five year plan and this gross domestic saving increased during the 10th five year plan and became 28.2 % during the tenure of the 10th plan. In February 2007 foreign exchange reserves of India reached $185 Billion. A high growth of gross domestic product observed during the 10th five year plan. Targeted GDP during the 10th five year plan was 8% but it could not achieve the targeted GDP during this tenure. However, a significant rise of GDP was observed during the tenth five year plan and it achieved 7.6 % growth rate during this tenth five year plan. A significant rise of GDP observed during the 10th five year plan as compared to the 9th plan which achieved only 5.5 %.  

What is economic planning of India and what is the significance of the 10th five year plan in the Indian economy?

Economic planning implies skilful utilisation of natural resources for achieving the desired goal of the economy. Concepts and ideas of economic planning are taken from Russia. In the Indian economy economic planning played a significant role in strengthening the economic framework of the nation. Jawaharlal Nehru constituted the committee of economic planning in post-independence and the planning commission established in March 1950. After the 9th plan in 2002, the 10th five year plan launched under the influence of Atal Bihari Vajpayee and Manmohan Singh in 2002. In the Indian economy, the main aim of the tenth five year plan (2002-2007) was eradication of poverty and reduction of unemployment for bringing more growth and sustainability to the Indian economy. Targeted GDP during the 10th five year plan was 8% but achievable growth rate of GDP was 7.6 %. Tenth five year plan aimed to reduce the poverty rate by 15% by 2012 and therefore poverty eradication was given priority during the tenth five year plan in India.

Conclusion

It is stated that the tenth five year plan facts and its knowledge is necessary for cracking various central and state government examinations. It consists of economic growth over limited periods. It has significantly helped to execute, developed and monitored by the planning Commission. It has enhanced the higher growth rate of the state with better economic distribution.