Eighth Five Year Plan India

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Eighth Five Year Plan India runs through the period from 1992 to1997 with the main aim of attaining objectives like modernization of the industrial sector, rise in the employment level, poverty reduction, and self-reliance on domestic resources.

Background of the Eighth Five Year Plan India:

Just before the formulation of the Eighth Five Year Plan India, there was great political instability in India which hindered the implementation of any five years plan for the following two years after the Seventh Five Year Plan. This period is characterized by extreme FOREX reserve crisis and introduction of liberalization and privatization in Indian economy. To invite FDI in Indian industrial sector and to follow free market reforms were the only possible ways to revive the country from foreign debt.

Objectives of the Eighth Five Year Plan India:

The main objectives of the Eighth Five Year Plan India are:

  • to prioritize the specific sectors which requires immediate investment
  • to generate full scale employment
  • to promote social welfare measures like improved healthcare, sanitation, communication and provision for extensive education facilities at all levels
  • to check the increasing population growth by creating mass awareness programs
  • to encourage growth and diversification of agriculture
  • to achieve self-reliance in food and produce surpluses for increase in exports
  • to strengthen the infrastructural facilities like energy, power, irrigation
  • to increase the technical capacities for developed science and technology
  • to modernize Indian economy and build up a competitive efficiency in order to participate in the global developments
  • to place greater emphasis on role of private initiative in the development of the industrial sector
  • to involve the public sector to focus on only strategic, high-tech and essential infrastructural developments
  • to create opportunities for the general people to get involved in various developmental activities by building and strengthening mass institutions

Last updated on 4/28/2011