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The Economy Of India is based in part on Planning through her five-year plans, developed, executed and monitored by the Planning Commission . With the Prime Minister as the '' Ex Officio '' Chaiman, the commission has a nominated Deputy Chairman, who has rank of a Cabinet minister. Montek Singh Ahluwalia is currently the Deputy Chairman of the Commission. The tenth plan was completed its term in March 2007; the eleventh plan is currently underway. FIRST PLAN (1951-1956) The first Indian Prime Minister, and Energy (27.2 percent), Agriculture and Community Development (17.4 percent), Transport and Communications (24 percent), Industry (8.4 percent), Social Services (16.64 percent), Land Rehabilitation 4.1 percent), and other (2.5 percent). The target growth rate was 2.1 percent annual Gross Domestic Product (GDP) growth; the achieved growth rate was 3.6 percent annual GDP growth. During the first five-year plan the Net Domestic Product went up by 15 percent. The Monsoon s were good and there was relatively high Crop Yield s, boosting exchange reserves and Per Capita Income , which went up 8 percent. Lower increase of per capita income as compared to national income was due to rapid Population Growth . Many irrigation projects were initiated during this period, including the Bhakra Dam , Hirakud Dam , and Mettur Dam in South India . The World Health Organization , with the Indian government addressed children's health and reduced Infant Mortality , contributing to population growth. At the end of the plan period in 1956, five Indian Institutes Of Technology (IITs) were started as major technical institutions. University Grant Commission was setup to take care of funding and take measures to strengthen the higher education in the country. Contract s were signed to start five Steel plants; however these plants did not come into existence until the middle of the next five-year plan. SECOND PLAN (1956-1961) The second five-year plan focused on industry, especially Heavy Industry . Domestic production of industrial products was encouraged, particularly in the development of the Public Sector . The plan followed the Mahalanobis Model , an Economic Development model developed by the Indian Statistician Prasanta Chandra Mahalanobis in 1953. The plan attempted to determine the optimal allocation of investment between productive sectors in order to maximise long-run economic growth . Hydroelectric Power projects and five steel mills at Bhilai , Durgapur , and Jamshedpur were also established. Coal production was increased. More Railway lines were added in the north east. The Atomic Energy Commission was formed in 1957 with Homi J. Bhabha as the first chairman. The Tata Institute Of Fundamental Research was established as a Research Institute . In 1957 a talent search and Scholarship program was begin to find talented young students to train for work in nuclear power. THIRD PLAN (1961-1966) The planned stress was on agriculture, but the brief Sino-Indian War (1962) exposed weaknesses in the economy and shifted the focus towards Defense . In 1965-1966, the Green Revolution advanced agriculture. The wars led to rising prices in India. The priority was thus shifted to Price Stabilization . The construction of Dam s continued. Many Cement and Fertilizer plants were also built. Punjab begun producing an abundance of Wheat . Many Primary Schools were started in rural areas. In an effort to bringing democracy, Panchayat elections were started and the States were given more development responsibilities. State electricity boards were formed. State secondary education boards came into existence. States were made responsible for Secondary and Higher Education . State road transportation corporations were formed and local road building became a state responsibility. FOURTH PLAN (1969-1974) At this time Indira Gandhi was the Prime Minister. At this time the Vietnam War was taking place in Southeast Asia . The Indira Gandhi government Nationalized 19 major Indian banks. In addition, the situation in East Pakistan (now independent Bangladesh ) was becoming dire as the Indo-Pakistani War Of 1971 and Bangladesh Liberation War took place. In 1971 more than 10 million East Pakistani Refugee s fled to India during the Yahya Khan regime who was the military dictator of Pakistan. India sent 300,000 troops surrounding East Pakistan and liberated it in 15 days. The new nation of Bangladesh was declared in December 1971. Pakistan's 93,000 troops surrendered to the Indian Army ; these Prisoners Of War were later released after the Simla Agreement (1972). Funds earmarked for the industrial development had to be used for the war effort. India also performed the Smiling Buddha Underground Nuclear Test in 1974, partially in response to the United States deployment of the Seventh Fleet in the Bay Of Bengal to warn India against attacking West Pakistan and widing the war. FIFTH PLAN (1974-1979) Stress was laid on Employment , the reduction of Poverty , and Justice . The plan also focused on Swadeshi ( Self-reliance ) with respect to agricultural production and defense. In 1978 the newly elected Morarji Desai government rejected the plan. SIXTH PLAN (1980-1985) Called the Janata government plan, the sixth plan marked a reversal of the Nehruvian model.. |
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