Five Year Plans in India – Vol. 2

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30 Nov, 2014

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THIRD 5 YEAR PLAN

What was the planning period for the 3rd Five Year Plan? – 1 April 1961 to 31st March 1966

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What was the primary objective of the 3rd Five Year Plan? – To make the Indian economy self sufficient

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What was the focus area of the 3rd Five Year Plan? – Agriculture (3rd Five Year Plan brought agriculture again to the focus as was done in the 1st Five Year Plan. It was perceived that agriculture would again be the mainstay of Indian economy in this plan)

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Which crop was the focus area in 3rd Five Year Plan? – Wheat (Efforts were done to increase country’s wheat production so as to make the country self-reliant in food production. The emergence of Punjab as India’s food granary was established during this plan and was mainly due to its wheat production)

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Which two wars were fought by India during the 3rd Five Year Plan? – China War of 1962 and Indo-Pak War of 1965-66 (3rd Five Year Plan was the only 5 Year Plan during which India fought two major wars. These wars thus shifted the focus towards the defence industry and equipping the Indian Army well)

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Which natural calamity was faced by the country during the 3rd Five Year Plan? – The drought of 1965

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Two wars and a drought severely affected the 3rd Five Year Plan and the country faced the toughest economic problem since India adopted economic planning in 1951. What was the biggest economic faced by the country during the ending years of this Plan? – Severe inflation

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What was the targetted GDP growth rate for the 3rd Five Year Plan? – 5.6% per annum

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What was the actual GDP growth rate achieved during the 3rd Five Year Plan? – 2.4% per annum (3rd Five Year Plan was a huge disaster as far as achieving targetted growth rate is concerned)

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The failure of the 3rd Five Year Plan prompted the govt. to shelve the 5 Year Plans for a while. What was done on the economic planning front instead? – Three annual plans between 1966 and 1969 were introduced

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The introduction of three annual plans 1966-67, 1967-68, and 1968-69 is popularly known by which name? – ‘Plan Holidays’ (Because a sort of holiday was given to Five Year Plans and instead annual plans were introduced during these three years)

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Why annual plans were drawn between 1966 and 1969? – Because the Indian economy faced huge lack of resources due to two big wars and droughts (There were not enough ­funds to undertake 5 Year Plans which required huge cost on the public exchequer)

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The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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  1. Krishna Mohan Singh says:

    sir plz provide details of remaining five year plans thanks for the third 5 year plan

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