The
Fifth Five Year Plan India was chalked out for the period spanning 1974 to1979 with the objectives of increasing the employment level, reducing poverty, and attaining self-reliance.
Background of the Fifth Five Year Plan India:
At the onset of the
Fifth Five Year Plan India in the 1970s, the international economy was in a turmoil, which had a great impact on the economy of both, developed and developing countries of the world. The main changes were perceived in sectors such as food, oil, and fertilizers where prices sky-rocketed. As a result of this, attaining self-reliance in food and energy became a top priority. During this period, the Indian economy was affected by several inflationary pressures. Food grain production was above 118 million tons due to the improvement of infrastructural facilities like the functioning of the power plants and the rise in the supply of coal, steel, and fertilizers. Regarding the oil, credibility of Bombay High had shot up the commercial production of oil in India. In 1974-75, Indian exports crossed 18%, and the large earnings from these exports have further increased the Indian foreign exchange reserves.
Objectives of the Fifth Five Year Plan India:
The
Fifth Five Year Plan India was designed with emphasis on certain objectives, enlisted as under:
- to reduce social, regional, and economic disparities for developmental planning
- to enhance agricultural productivity
- to initiate land reforms
- to check rural and urban unemployment
- to emphasize on household industries like carpet-weaving, handlooms, sericulture, and handicrafts
- to encourage self-employment through a well integrated local planning
- to encourage import substitution in areas like industrial machinery, chemicals, paper, iron and steel and non-ferrous metals
- to capture the markets with locational advantages
- to initiate appropriate use of fiscal, credit and production support policies in the cottage industry sector
- to develop labor intensive technological improvements
