Second five year plan of india. Five 2022-12-13

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The Second Five Year Plan of India was a period of economic development in the country that lasted from 1956 to 1961. It was the second of the Five Year Plans that were implemented in India in the years following independence in 1947.

The Second Five Year Plan was formulated by the Planning Commission of India, which was established to oversee the economic development of the country. The plan was based on the principles of socialism, and aimed to accelerate the process of industrialization and modernize the economy.

One of the main goals of the Second Five Year Plan was to increase the rate of economic growth and achieve self-reliance. This was to be achieved through a focus on heavy industry, such as the development of iron and steel, coal, and electricity. The plan also included measures to improve the agricultural sector, including the expansion of irrigation and the introduction of new technologies.

In order to fund the Second Five Year Plan, the government implemented a number of measures, including the nationalization of certain industries and the implementation of taxes on the wealthy. These measures were controversial, as they were seen by some as being too interventionist and as limiting the freedom of businesses.

Despite these controversies, the Second Five Year Plan was largely successful in achieving its goals. The rate of economic growth increased significantly during this period, and the country made significant progress in industrializing and modernizing its economy. However, there were also challenges, such as a shortage of skilled labor and infrastructure, which hindered the plan's progress in some areas.

Overall, the Second Five Year Plan of India played a significant role in the country's economic development and modernization, and laid the foundation for future economic growth. It demonstrated the government's commitment to building a strong and self-reliant economy, and its willingness to take bold and decisive action to achieve this goal.

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second five year plan of india

The target growth rate was estimated to be 5. The three-year action plan provides a wide roadmap for the government. The number of Arts and Science colleges increased by 278 while that of universities went up by 14. Economic Equity and Social Justice, Full Employment, Economic Self-Reliance. Employment : In the course of the Second plan, the additional employment opportunities created amounted to about 8 million, of which about 6. In the field of chemical industries, there was an advance on a wide front, leading not only to larger units and greatly increased output of basic chemicals, e. Agriculture and irrigation saw their share in the budget allocation size shrink from the first five-year plan.

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Economic Milestone: Second Five Year Plan (1956)

second five year plan of india

The working of the plan also revealed serious organisational weaknesses and deficiencies, both at the policy making as well as the executive levels, in the administrative set up of the Central and state governments. Unmistakable from the First long term plan that laid impulse fundamentally on horticulture, the homegrown creation of modern items was upheld in the second arrangement, mainly in the improvement of public area. Each five-year plan focuses on different things. Therefore, the Second Plan was also known as the Industrial and transport plan. The second strategy called for a time of increasing the overall costs. About 70 percent of the funds allocated for industry were allotted to large- and medium-sized businesses, while the rest lay with mineral development and village and small industries. The plan had two main objectives: growth with stability and progressive achievement of self-reliance.

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Second Five Year Plan India

second five year plan of india

In September 1951 the Organizing Commission delivered the draft framework for provisional coverage of five seasons from April 1951 to March 1956. Twelfth Five Year Plan For the duration of 2012 to 2017, the twelfth five-year plan of India aimed at faster, more inclusive, and sustainable growth. These plans are set in action under the administration of the planning commission. In the total outlay, the share of the center was approximately 57% while it was 43% for the states and the union territories. .

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Five Year Plans of India

second five year plan of india

The significant growth in numbers hampered the development of income per capita. Industry : There was a rapid growth and diversification of industry during the five years of the plan as can be seen from the general index of industrial production which rose from 139 in 1955-56 to 194 in 1960-61-a 29% increase. Before the Fourth Plan, public funds were based primarily upon conceptual principles instead of a clear and logical system, leading to the creation of the Gadgil method in 1969. The focus of this plan was the development of human resources i. In contrast, the domestic product of the Punjab increased at an annual rate at 10%.


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Second Five Year Plan in India (1956

second five year plan of india

The main objectives of the five-year plan are Economic Growth. The approached paper for the Twelfth Plan, approved last year, talked about an annual average growth rate of 9%. Second Five Year Plans That can put India on the streets of industrialization, was the moving spirit at the back of the second five-year plan was P. Aim A substantial increase in community wages to raise living standards. The Indian economy seems to have been built upon the planning strategy between 1947 to 2017. However, the percentage share of social services came down from 28% to 18%. While the setting up of the three new steel plants was by itself a most impressive achievement, their combined output of steel was only 0.

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Five Year Plans in India

second five year plan of india

Results for cotton, jute, sugar cane, and oilseeds were close to the target. The plan was a huge failure as it achieved a growth rate of 5. The domestic production of industrial goods in the public sector was encouraged by the second five year plan in India. In India after independence, the government set up the renowned planning commission. First Five Year Plan Based on the Harrod Domar model with few modifications, the first five-year plan in India was made for the duration of 1951 to 1956. Objectives of the Second Five-Year Plan 3. Thus the five year plans targeted achieving the progress of India in this direction.

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Five

second five year plan of india

The commission seems to have a designated deputy chairman who seems to be a cabinet minister and the current prime minister acting as chairman. And the following articles talk about the same thing. Modern civilisations appear to have a dynamic element ingrained throughout the fundamental structure that prevents them from settling or may as well achieve any form of stability. Even though there is ample evidence available on rapid modernisation, the period or time frame over which modernisation is achieved or developed, giving rise to a new generation, must continually be assessed in centuries. Being able to examine inflationary tensions honestly. The young nation needed building and industry was on the agenda of the second Five Year Plan, which was announced by the Planning Commission on May 14, 1956. Since then twelve five-year plans have been made in India.

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Notes on Second Five Year Plan of India

second five year plan of india

Hence these five-year plans are aimed at employment creation. The thrust areas of the Seventh Five-Year Plan were: social justice, removal of oppression of the weak, using modern technology, agricultural development, anti-poverty programmes, full supply of food, clothing, and shelter, increasing productivity of small- and large-scale farmers, and making India an independent economy. Introduction to the Second Five-Year Plan 2. These plans are targeted to meet certain pre-planned objectives and efficient resource allocation and mobilisation is done under these plans. Due to this, the eighth five-year plan could not take place. The Second Plan also emphasizes the development of the public sector. This five-year plan was terminated in 1978 by the Moraji Desai government.

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