Important Features of the Five Year Plans

                                                 Important Features of the Five Year Plans

Plan	Year	Objective	Extra Information
1st	1951-56	A.    Revive economy from WWII and partition of the country B.    All round balanced development C.    Full utilization of resources D.    Reduction of economic inequalities E.    High priority to agricultural development F.     Improvement in the living standards	Based on Harris Domar model
2nd	1956-61	A.    Increase in national income B.    Rapid industrialization C.    Expansion of employment opportunities D.    Reduction of economic inequalities	Mahalonobis model Based on socialist pattern of society
3rd	1961-66	A.    Increase in national income B.    Self sufficiency in food grains and increase in agricultural production C.    Expansion of basic industries D.    Expansion in employment opportunities E.     Greater equality of opportunity F.     Reduction in disparities of income and wealth	A failure plan
Plan Holiday	1966-69		No regular planning
4th	1969-74	A.    Acceleration of development B.    Price stability C.    Raising standard of living D.    Promotion of equality and social justice E.     Improving the conditions of the less privileged and weaker sections F.     Increase in employment
5th	1974-78	A.    Self-reliance B.    Poverty alleviation C.    Raising standard of living and consumption level of people living BPL D.    Increase in employment opportunities E.     Control over inflation	·        Closed one year prior to its schedule ·        Export promotion and import substitution
Rolling Plans	1978-83		·        Introduced by Janata government ·        Short term plans
6th	1980-85	A.    Removal of poverty B.    Strengthening of infrastructure for both agriculture and industry C.    Increase in employment D.    Reduction in inequalities
7th	1985-90	A.    Increase in employment opportunities B.     Rapid growth in food grain production
8th	1992-97	A.    Achieve near full employment by the turn of the century B.    Contain population growth through people's active cooperation C.    Universalization of elementary education D.    Provision of safe drinking water and primary healthcare to all villages E.     Growth and diversification of agriculture F.     Strengthening of infrastructure
9th	1997-2002	A.    Priority to agriculture and rural development B.    Accelerating the growth rate of economy with stable prices C.    Ensuring food and nutritional security to all D.    Providing the basic minimum services E.     Contain the growth rate of population F.     Ensure environmental stability of the developmental process G.    Empowerment of women and socially disadvantaged groups H.    Promote and develop people's participatory institutions I.      Strengthen efforts to build reliance	·        50th year of India's independence ·        Focus- "growth with social justice and equality"
10th	2002-07	A.    Target of 8% average GDP growth B.    Enhancement of human well being C.    Reduction of poverty ratio by 5% points (2007) and 15% (2012) D.    Providing gainful and high quality employment E.     All children in school by 2003; all children to complete 5 years schooling F.     Reduction in gender gaps in literacy and wage rates by 50% G.    Reduction in the decadal growth rate of population to 16.2% H.    Increase in literacy rate to 75% I.      Reduction of infant mortality rates to 45 per 1000 live births (2007) and 28 (2012) J.      Reduction of maternal mortality rate ratio to 2 per 1000 live births (2002) and to 1 (2012) K.    Increase in forest and tree cover to 25% (2007) and 33% (2012) L.     All villages to have sustained access to potable drinking water M.   Cleaning of all major polluted rivers
11th	2007-12	A.    A target of 9% GDP growth and 7.5% per Capita GDP B.    Access to essential Servcies in health and education C.    Equality of opportunity, as well as economic and social mobility for all sections of society D.    Environmental sustainability E.     Recognition of women as agents of sustained socio-economic growth and change F.     Improvement in governance
12th	2012-17	A.    Create 50 million new work opportunities in the non-farm sector B.    Remove gender and social gap in school enrollment C.    Enhance access to higher education D.    Reduce malnutrition among children aged 0-3 years E.     Provide electricity to all villages F.     Ensure that 50% of the rural population have access to proper drinking water G.    Increase green cover by I million hectare every year H.    Provide access to banking services to 90% of households I.      Achieve a growth rate of 8%	·       Titled “Faster, more inclusive and sustainable growth” ·       Last Five-year plan of India as the Planning Commission was substituted by the NITI Aayog in 2014 which scrapped the 5 Year Plans

“Freakonomics: A Roadmap to Success in Economics”

          

                                 “There ain’t no such thing as a free lunch”                                         

                                (Everything has a value and you pay for it.)

                                       *Well, this is Economics summed up*  

                                                                                                          Total Questions/Marks- 18

Hello Junta!!! Now it’s time to discuss some Economics which is an important component in the General Studies section. This section can be easily cracked by studying some recommended readings and newspapers (the ‘Business and Economy’ section). This section comprises Indian Economy as well as Micro and Macroeconomics. (PS. Science students, don't freak out, there are sites like khanacademy.org that can help you learn the basics quite effortlessly, for free)

ECONOMICS

The subject of economics will be quite familiar to all of us. Even if not, we are here to simplify it for you. As far as HSEE is concerned, this section mainly concentrates on Indian economy since Independence. To attain mastery in this section it is good enough to start from NCERT textbook of Class 11. Which will give you complete understanding of basic economics and its contents. Get a clear idea of the development roadmap chartered by the economic planners of India including Jawaharlal Nehru to P.V. Narasimha Rao and subsequent Liberalisation, Privatisation, Globalisation policies in 1991. Get a clear picture of all the five-year plans, its objectives and achievements as well as failures (Remember the years properly). Also try to understand the success and failure of the economic roadmap till 1991 and post-1991.

 Focus on the problems faced by the Indian economy and the reasons for the backwardness of our economy like unemployment, poverty, rural underdevelopment, inequality as well as low productivity. Also learn the schemes, programmes and  initiated by the government to address these problems like MGNREGA, NABARD, SIDBI. It will also be better to study about different sectors of the economy, that is agriculture, manufacturing and services. Try to mug up some data like the sectoral contribution of these sectors to India’s national income. Make yourself well-aware about the institutions that play an important role in our economic governance and reforms like Planning Commission, RBI, NITI AAYOG, SEBI, etc.    

 The next important part is that of Microeconomics and Macroeconomics. For this, the NCERT textbook of class 12 is mostly referred. The areas you have to go through are the fundamentals of demand and supply, the concept of elasticity, the concepts of cost, revenue and production. Also go through consumer’s and producer’s equilibrium. As far as macroeconomics is concerned, go through basic concepts like GDP, GNP, etc, measurement of national income, the role of central banks, commercial banks and financial system, functions of money, money supply, government budgeting, revenue and expenditure of government, foreign exchange, balance of trade and payments. For studying Macro you have to be cautious about fluctuations in economy that be different ups and downs for that get subscribed to daily magazines, newspapers, online reliable data. There are chances that the essay might be relatable to latest Demonitisation issue so have preparations on it, make your opinion on the issue that will help you.

Thinking of all this economic terms and concepts, For greenhorns it might feel like quite a heavy burden to cover up all these topics in time span of now less than 45 days that too while managing with your boards and other exams. IF you really need help with the basics, try KHAN ACADEMY (khanacademy.org). They have FREE classes where you can learn all of Economics quite effortlessly, even if you don't know anything in it, as of yet. Summing up, in short economics is nothing but just common reaction to human behaviour in monetary terms. When studying micro economics, we learn about individual behaviour in market economy and while in macro we understand concepts in bigger level as comprising of nation as a whole. Example, Forest is an economics. Micro is like studying each individual part of forest like tree or animal whereas Macro is like studying forest as a whole. So, you start studying forest from each individual tree then to reach to a study of complete forest. So, in the end just apply simple concepts in your practical life and then economics is whole yours. Economics section will become a cake walk in HSEE. I am sure!

                                                         ALL THE BEST!