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Five-Year Plans

Five-Year Plans (FYPs) of India

India has a long and complex history, one that has shaped the country into what it is today. In this article, we'll be taking a look at five-year plans (FYPs) of India, an important tool in helping policymakers manage the country's economy.


Five-Year Plans (FYPs) of India

India is a federal union of 29 states and seven union territories. The country is divided into five regions - North East, North Central, West, South and East - for administrative purposes. Each state has its own legislature and government. The central government promulgates the country's policy, direction and programmes through the Cabinet Secretariat. India also has a federal judiciary. The Constitution of India provides for a presidential system of government with a prime minister as the head of the executive branch. There are two houses of parliament - the Rajya Sabha and the Lok Sabha. The judiciary is independent of the executive and the legislature.


The Union Cabinet, chaired by the Prime Minister, adopts a Five-Year Plan (FYP) each year in March/April. The prime minister presents an overall vision for the nation to be achieved over the five-year period to Parliament within a few months thereafter. The Planning Commission reviews all proposals received from ministries/departments and prepares a detailed report on them which is subsequently submitted to the cabinet for approval. Once approved, ministries/departments are mandated to implement their component parts of the plan within three years from its commencement date.


Introduction


What's an FYP?

An "FYP" is an acronym for "Five-Year Plan." It's a planning document that outlines the government's vision and objectives for the next five years. And while it might seem like nothing more than a dry bureaucratic document, it can have a significant impact on the way things are run in India.


What does an FYP contain?

An FYP contains a lot of information, but some of the most important details include:

- The government's priorities for the next five years

- How the government plans to achieve these priorities

- What investments have been made so far and what needs still need to be addressed

- A timeline for when each goal will be reached


Five-Year Plans and Indian Economy

Five-year plans are a cornerstone of the Indian economy. The first five-year plan (1951-1956) was drafted by the then Prime Minister Jawaharlal Nehru and is considered to be the foundation stone of modern India. The current five year plan was announced by Prime Minister Narendra Modi in February 2016.


The concept of a five year plan dates back to pre-independence India when the British colonial government issued annual plans that outlined the country’s economic objectives. However, the first true five year plan was drafted by Jawaharlal Nehru, then Prime Minister of India, in 1951. The objective of the plan was to modernize India and create an industrial base for its rapidly growing population.


Since then, every Indian Prime Minister has issued a five year plan, with the exception of Indira Gandhi who ruled from 1966-1977. The current five year plan, announced by Prime Minister Narendra Modi in February 2016, has an objective to improve India’s growth rate and create jobs.


The five year plans have been instrumental in transforming India into an economically successful country. Under the guidance of the five year plans, India has achieved rapid industrialization and increased standards

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