05. Five-Year Economic Development Plan and Result

The year 1951 was the year when Government-driven economic development plan, Five-Year Economic Development Plan, had been started in lndia. As lndia was the first Asian country to start government-driven economic development plan, its plan scheme had been a role model of other development-intended Asian countries. This paper considers strategies and objectives of Five-Year plans and consequent structural changes during each plan period. While, ten Fiver- year plans had been completed since 1951 and 11th plan s tarted 2007/08, my paper deals with nine Five- year plans, i.e. 10th and 11th Five- year plans are not included in my research. It is because liberalisation which started 1992 and became an unavoidable reality in lndian economy differentiates current 21 sl century lndian economy from 20th century lndian economy. Government lost its importance as a dominant and active economic player and became a bystander in domestic economy.