The Fifth Five-Year Plan (1974-79) and the Rolling Plans (1978-80)

The Fifth Five-Year Plan (1974-78) and the subsequent Rolling Plans (1978-1980) marked a significant period in India's economic journey. While the Fifth Plan was dubbed the "Stunted Plan" due to political instability and internal challenges, the Rolling Plans achieved higher growth and continued focus on social welfare initiatives.

Fifth Five-Year Plan (1974-1978)

Stunted Plan: This nickname reflects the plan's inability to fully achieve its targets due to various challenges. Despite an ambitious 4.4% growth target, the actual growth rate was only 4.83%.

Shifting Priorities: The plan emphasized coordination between various government programs and a stronger rural focus, aiming to address social inequalities and improve rural livelihoods. This marked a shift from the earlier emphasis on "growth with social justice" to "growth for social justice".

Political Instability: The period saw political turbulence, including the Emergency declared by Indira Gandhi in 1975, which impacted economic decision-making and hindered the plan's implementation.

Key Initiatives

Indira Gandhi's 20-point program: This focused on poverty alleviation, rural development, and social welfare, with initiatives like land reforms and minimum wage regulations.

Rural Development and Minimum Needs Programme: These programs aimed to improve basic infrastructure, healthcare, and education in rural areas, addressing long-standing social inequalities.

Indigenization: The plan emphasized promoting domestic industries and reducing dependence on imports, particularly in agriculture and small-scale industries (SSI).

Rolling Plan (1978-1980)

Introduced after the Fifth Plan: Due to political instability and the shortcomings of the Fifth Plan, the government adopted a more flexible approach with the Rolling Plan. This involved annual revisions and adjustments based on economic performance and changing circumstances.

Higher Growth: The Rolling Plan achieved a higher growth rate than the Fifth Plan, reaching around 5.2%. This was attributed to better resource allocation, improved policy adjustments, and a focus on agriculture and SSI.

Continued Focus on Rural Development and Social Welfare: The Rolling Plan maintained the emphasis on rural development and social welfare programs, laying the groundwork for future initiatives in these areas.

The Fifth Five-Year Plan and the Rolling Plan were a period of significant shifts in India's economic and social development strategies. While the Fifth Plan faced challenges and fell short of its targets, it laid the groundwork for a more focused approach on rural development and social justice. The Rolling Plan, with its flexibility and emphasis on agriculture and SSI, achieved higher growth and paved the way for further economic reforms in the following years.

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