Five-Year Plans (FYPs) are centralized and integrated national economic programs. Joseph Stalin implemented the first Five-Year Plan in the Soviet Union in 1928. India launched its First FYP in 1951, immediately after independence, under the socialist influence of India's first prime minister, Jawaharlal Nehru.
Three Annual Plan (1966-69)
- Plan holiday for 3 years. The prevailing crisis in agriculture and serious food shortage necessitated the emphasis on agriculture during the Annual Plans.
- During these plans a whole new agriculture strategy involving the wide-spread distribution of High-Yielding Varieties of seeds, the extensive use of fertilizers, exploitation of irrigation potential and soil conservation was put into action to tide-over the crisis in agricultural production.
- During the Annual Plans, the economy basically absorbed the shocks given during the third Plan, making way for a planned growth.
Rolling Plan (1978-80)
- In 1980, Congress rejected the Rolling Plan and a new sixth Five Year Plan was introduced.
- Three plans were introduced under the Rolling plan: (1) For the budget of the present year (2) this plan was for a fixed number of years-- 3,4 or 5 (3) Perspective plan for long terms-- 10, 15 or 20 years.
- There were 2 Sixth Plans. One by Janata Govt. (for 78-83) which was in operation for 2 years only and the other by the Congress Govt when it returned to power in 1980.
The Janta Govt. Plans are also called Rolling Plans.
Table: Growth During Five Year Plans
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