Raghunadhabhatla Vijay is teaching live on Unacademy Plus
Third Five Year plan(1961-1966) Objective The third plan stressed on agriculture and improving production of rice, but the brief Sino-Indian War in 1962 exposed weaknesses in the economy and shifted the focus towards defence. The war led to inflation and the priority was shifted to price stabilization. Increasing the national income by 5 percent per annum. Minimizing rate of unemployment. Ensuring that people enjoy equal rights in the country.
What Was Achieved? The construction of dams continued. Many cement and fertilizer plants were also built Punjab begun producing an abundance of wheat. Many primary schools were started in rural areas. Panchayat elections were started and the states were given more development responsibilities. State electricity boards and state secondary education boards were formed
Fourth Five Year plan(1969-1974) Indira Gandhi was the Prime Minister. Objective India had to reform and restructure its expenditure agenda, following the attack on India in the year 1962 and for the second time in the year 1965 Due to recession, famine and drought, India did not pay much heed to long term goals. The need for foreign reserves was felt.
What Was Achieved? The Indira Gandhi government nationalized 14 major Indian banks. Funds earmarked for the industrial development had to be userd for the war effort. Green Revolution in India advanced aariculture. Food grains production increased to bring about self sufficiency in production.
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