Question
Download Solution PDFThe Second Five - Year Plan (1956 - 61) had a major goal of achieving which of the following targets?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Rapid industrialisation with focus on heavy industries.Key PointsSecond Five-Year Plan (1956 - 61):
- Target Growth: 4.5%
- Actual Growth: 4.27%
- Growth Model: The plan used the simple aggregative Mahalanobis Model for overall projections.
- Resource Allocation Strategy: The strategy of allocating resources to different sectors, including agriculture and industry, was based on the two & four-sector Model developed by Prof. P.C. Mahalanobis. This plan is also known as the Mahalanobis Plan.
- Economic Atmosphere: The plan was formulated during a period of relative economic stability.
- Priority Shift: The plan marked a shift in priority, with agriculture being accorded lower importance.
- Focus on Industrialization: The plan focused on achieving rapid industrialization, particularly in heavy and basic industries.
- Public Sector Development: The plan recognized the importance of the public sector in driving industrial growth. Several public sector enterprises were established during this period, including the Hindustan Machine Tools (HMT), Steel Authority of India (SAIL), and National Thermal Power Corporation (NTPC).
- Infrastructure Development: The plan prioritized infrastructure development, including the expansion of transportation networks, power generation, and irrigation facilities. Projects like the Bhakra Nangal Dam and the creation of a national railway grid were undertaken to support agricultural and industrial growth.
- Import Strategy: The plan advocated substantial imports through foreign loans to support industrialization efforts.
- Industrial Policy 1956: The plan's industrial policy was based on the goal of establishing a socialistic pattern of society.
- Challenges and Limitations: An acute shortage of foreign exchange (forex) led to the scaling down of development targets.
- Price Rise: The plan witnessed a notable price rise of about 30%, which was in contrast to the decline in prices during the earlier plan.
- Moderate Success: Despite its goals, the Second Five-Year Plan achieved only moderate success due to the challenges faced and the limitations in achieving set targets.
Additional Information
| Plan | Period | Target Growth | Actual Growth | Key Objectives/Features |
|---|---|---|---|---|
| First Plan | 1951-56 | 2.1% | 3.6% | Rehabilitation of refugees, food self-sufficiency, price stability, focus on agriculture, power, and transport |
| Third Plan (Gadgil Yojana) | 1961-66 | 5.6% | 2.8% | Focus on agriculture, rural development, generation of employment, impacted by unforeseen events |
| Three Annual Plans or Plan Holidays | 1966-69 | - | - | Emphasis on agriculture, implementation of new agricultural strategy |
| Fourth Plan | 1969-74 | 5.7% | 3.3% | Focus on agriculture, achievement of self-reliance, Family Planning Programmes |
| Fifth Plan | 1974-79 | 4.4% | 4.8% | Aims of poverty removal and self-reliance, "Garibi Hatao" campaign, emphasis on inclusive growth |
| Rolling Plan | 1978-80 | - | - | Shift in economic approach |
| Sixth Plan | 1980-85 | 5.2% | 5.7% | Focus on national income increase, poverty reduction, skills transfer, rural development |
| Seventh Plan | 1985-90 | 5.0% | 6.0% | Emphasis on food grain production, employment, productivity, successful growth |
| Eighth Plan | 1992-97 | 5.6% | 6.8% | Economic reforms, liberalization, high growth rate, increase in private sector involvement |
| Ninth Plan | 1997-2002 | 6.5% | 5.4% | Focus on private sector, agriculture, rural development, poverty eradication |
| Tenth Plan | 2002-2007 | 8.0% | 7.6% | Diverse targets for development indicators, emphasis on governance, agriculture, and Panchayati Raj |
| Eleventh Plan | 2007-2012 | 9.0% | 8.0% | Focus on inclusive growth, poverty reduction, employment, essential services, infrastructure |
| Twelfth Plan | 2012-2017 | 8.2% | 7.1% | Focus on faster, sustainable, and more inclusive growth, targets in various sectors like agriculture, education, health, infrastructure, and governance |
Last updated on Jun 11, 2025
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