Main Objective Of The Fifth Five-Year Plan

Five-year planning refers to planning measures in an economy in which certain goals and aims are pre-decided on a five-year basis to tackle and solve the central problems of the economy. In India, the Planning Commission undertook the mammoth task of five-year planning until 2015. This commission included the Prime Minister as its chairperson and several ministers and economists of the country. There have been 12 five-year plans in India each with different themes and objectives. However, the basic aim of these five-year plans remained on GDP growth and social welfare.

What Was the Fifth Five-Year Plan?

The fifth five-year plan was introduced in 1974 under the chairmanship of Indira Gandhi, the former Prime Minister of India. Other members assisted her, including the ministers of respective sectors like railways, finance, home ministry, human resource development, etc., and noted India’s economists. The 5th five-year plan witnessed the implementation of the emergency by Indira Gandhi, and thus its goals and objectives were marginally hampered in this period. The fifth five-year plan was also replaced by the rolling plan introduced in 1978 by the Morarji Desai Government. They rejected the five-year plan and introduced flexible changes that varied according to the economy’s needs. However, this plan again got scrapped after some time due to the raised economic instability.

Aims and Objectives of the 5th Five-Year Plan:

• Every five-year plan must have specified goals and objectives. The basic goals of five-year planning revolve around four factors viz Growth, Modernisation, Self-reliance, and Equity.
• The main objective of the 5th five-year plan was to raise the living standards of the people with a focus on weaker sections of society.
• During the fifth five-year plan, other essential objectives include reducing disparities in sectors like social, regional, and economic.  It aimed to reduce poverty and fulfill self-reliance in agriculture and the defence sector. It also emphasized reducing the unemployment rate in the urban and rural sectors. The government sought to encourage self-employment opportunities for everyone and the growth of small-scale industries.
• The fifth five-year plan stressed developing labour-intensive technological improvements to systematically use India’s population and thereby generate income and employment opportunities.
• Besides these aims and objectives, the core of the 5th five-year plan was the removal of poverty and the end of income inequality, and the attainment of self-reliance in India. Garibi Hatao campaign was started under this five-year plan to achieve the said objective.
• The assumed growth rate under this five-year plan was 5.5%, later revised to 4.4%. Interestingly, it achieved a growth rate of 4.8% and was regarded as successful.

Duration of the Fifth Five-Year Plan:

As can be deduced from the name, the overall duration of the fifth five-year should have been five years. However, it was only implemented from 1974 to 1978. The functioning of this five-year plan stopped after 1978 because the Janata Party overtook it, and new aims were taken up. The Rolling Plan was introduced for a brief period of about one year.

Achievements of the Fifth Five-Year Plan:

• Agriculture grew at an annual growth rate of 4.58% while the target was 3.3%. 
• It also saw greater industrial and general development. For example, the growth rate of industries was 6.8% and railway networks were made widespread. 
• Employment growth was recorded in village areas and Khadi industries. It increased from 9.2 lakh in 1973-74 to 11.2 lakhs during 1979-1980.
• Around 78000 Gobar Gas plants were constructed under the fifth five-year plan. 
• The number of enrollments in educational institutions was recorded to be 905 Lakhs. 
• Water supply schemes largely benefited the rural areas. 

Conclusion:

The 5th Five Year Plan had highly achievable and empowering goals that could bring substantial advantages to the Indian nation. Even if the duration of the fifth five-year was hampered, the determined goals could prove to be very fruitful and have the potential to be taken over again. Focusing on employment growth, reduction of poverty, self-reliance, and social welfare improvement is part of an important planning decision that has the potential to boost the country’s overall growth. The fifth five-year plan adhered to the objectives of the five-year planning strategy and included the basic goals of the economic plan.