State all five year plans of India.
After independence, India faced an important choice, to opt either for capitalism or socialism. Finally, India inspired by the success of planning in the Soviet Union, opted for socialism. Under the socialist system, India undertook comprehensive planning for the nation as a whole. The public sector laid down the basic economic framework and undertook the responsibility to develop the core and basic industries so that the private sector can be encouraged at the later stage of the economic development. The origin of Central Planning in India can be traced way back to the year 1950, with the establishment of the Planning Commission, under the chairmanship of the then Prime Minister. The Planning Commission was assigned the task of formulating the plans as per the pre-determined targets to overcome the major economic hurdles such as, poverty, illiteracy, economic growth and development. Since 1950, the Planning Commission frames the plans at the interval of every five year, thereby known as Five Year Plans.
The First-five year plan in India was formulated for the period 1951-1956. Since then, India has formulated and completed eleven five –year plans (till now). However, during this time interval, there were some years during which India had to deviate from the normal course of planning. The first three five-year plans were formulated and completed smoothly during the years 1951-1966 [First plan: 1951-1956; Second plan: 1956 –1961; Third plan: 1961- 1966]. However, during 1966, India was engaged in a war with the neighbouring country Pakistan. Thus, came the first break in the process of planning. During the war, the government expenditure had to be immediately diverted towards defence. Moreover, the economic condition of India worsened during this time. Thus, India gave up five-year planning for three consecutive years and instead opted for Annual years, (Plan Holidays) during these years (1966-1969). The Fourth five-year plan was formulated and completed for the period 1969-1974. During the Fifth five year plan, another break came in the five-year plans. Although, the Fifth five-year plan was formulated for the period 1974-1979, it had to be terminated a year before its completion (i.e. in the year 1978). During this time, India faced serious political upheavals due to tussle for power between the Janata government and the Congress. Finally, the Congress government formulated the Sixth plan for the period 1980-85, when it came into power. The Sixth plan and the Seventh plan were completed normally during 1980-1990. However, during the Eighth plan, India again confronted political instability (during 1990s) and thus, again had to give up planning process for two years (1990-1992). Finally, the Eighth five year plan was formulated and completed for the period (1992-1997). The Ninth, Tenth and the Eleventh five year plans also went normally during the period 1992-2012. (Ninth plan 1997- 2002; Tenth plan 2002-2007; Eleventh plan: 2007- 2012)