Economic Planning in India
📊 High-Yield Data & Statistical Fact Sheet
| Visvesvaraya Plan (1934) | - Emphasized industrialization to double national income within 10 years. |
| Bombay Plan (1944) | - Authored by 8 leading industrialists; advocated massive public sector investment in heavy infrastructure. |
| Gandhian Plan (1944) | - Authored by Shriman Narayan Agarwal; prioritized rural decentralization and cottage industry growth. |
| People's Plan (1945) | - Authored by M.N. Roy (Marxist leanings); prioritized socialization of agriculture and basic food security. |
| Sarvodaya Plan (1950) | - Authored by Jaiprakash Narayan; focused on grassroots self-reliance, land reforms, and village cooperatives. |
| Harrod-Domar Model (1st FYP) | - Focused on expanding net capital savings and investment to stimulate domestic growth. |
| Nehru-Mahalanobis Model (2nd FYP) | - Advocated industrialization driven by heavy machinery and capital goods sectors. |
| Rao-Manmohan Strategy (8th FYP) | - Introduced the Liberalisation, Privatisation, and Globalisation (LPG) framework in 1991. |
| NITI Aayog Framework | - Incepted on January 1, 2015 (replacing Planning Commission). Twin hubs: Team India Hub (states interface) and Knowledge & Innovation Hub (think tank). |
1. STRUTTING THE TYPES & HISTORICAL MODELLING
| Imperative Planning | - Centralized top-down command model (state determines output and prices). |
| Indicative Planning | - Flexible market-led approach adopted in India during the 8th FYP (1992). |
| Perspective Plan | - Strategic long-term blueprint spanning 15 to 20 years. |
| Rolling Plan | - Annually updated 3-to-5-year plan introduced by Janata Govt (1978–1980). |
| 1st Generation Reforms (1991) | - De-licensing, tariff cuts, disinvestment, LPG. |
| 2nd Generation Reforms | - Factor market reforms (land, labor codes, agricultural markets). |
| Washington Consensus | - Ten policy prescriptions for developing market economies. |
2. THE 12 FIVE-YEAR PLANS MATRIX (1951–2017)
| 1st Five-Year Plan (1951-56) | - Harrod-Domar model (Agriculture & Community Development). |
| 2nd Five-Year Plan (1956-61) | - Nehru-Mahalanobis model (Heavy steel plants: Bhilai, Durgapur, Rourkela). |
| 3rd Five-Year Plan (1961-66) | - "Take-off" goal (disrupted by 1962 & 1965 wars and severe droughts). |
| Plan Holidays (1966-69) | - Three Annual Plans (launched Green Revolution). |
| 4th Five-Year Plan (1969-74) | - Gadgil formula (Nationalized 14 commercial banks in 1969). |
| 5th Five-Year Plan (1974-79) | - D.D. Dhar model (Garibi Hatao & 20-Point Programme). |
| 8th Five-Year Plan (1992-97) | - Rao-Manmohan LPG model. |
| 11th Five-Year Plan (2007-12) | - Faster and More Inclusive Growth. |
| 12th Five-Year Plan (2012-17) | - Faster, More Inclusive, and Sustainable Growth. |