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Growth with stability and self reliance was the objective of which plan?

Growth with stability and self reliance was the objective of which plan? Correct Answer Fourth Five Year Plan

The correct answer is Fourth Five Year Plan.

Key Points

  • There were two main objectives of the Fourth five-year plan i.e. growth with stability and progressive achievement of self-reliance.
    • Its duration was from 1969 to 1974, under the leadership of Indira Gandhi.

Important Points

  • During the fourth five-year plan, The Indira Gandhi government nationalised 14 major Indian banks, and the Green Revolution in India advanced agriculture.
  • India also performed the Smiling Buddha underground nuclear test (Pokhran-1) in Rajasthan on 18 May 1974.
  • The target growth rate was 5.6%, but the actual growth rate was 3.3%

Additional Information 

  • Third Five Year Plan (1961–1966):
    • The Third Five-year Plan stressed agriculture and improvement in the production of wheat, but the brief Sino-Indian War of 1962 exposed weaknesses in the economy and shifted the focus towards the defense industry and the Indian Army.
    • In 1965–1966, India fought a war with Pakistan.
    • The target growth rate was 5.6%, but the actual growth rate was 2.4%
    • This plan was an epic failure due to war with China and Pakistan in this period.
  • Fifth Five Year Plan (1974–1978):
    • The Fifth Five-Year Plan laid stress on employment, poverty alleviation (Garibi Hatao), and justice.
    • The plan also focused on self-reliance in agricultural production and defense. In 1978 the newly elected Morarji Desai government rejected the plan. 
    • The target growth rate was 4.4% and the actual growth rate was 4.8%
    • This plan was successful in achieving targets.
  • Sixth Five Year Plan (1980–1985):
    • The Sixth Five-Year Plan marked the beginning of economic liberalisation. Price controls were eliminated and ration shops were closed.
    • This led to an increase in food prices and an increase in the cost of living.
    • This was the end of Nehruvian socialism.
    • The Sixth Five-Year Plan was a great success to the Indian economy.
    • The target growth rate was 5.2% and the actual growth rate was 5.7%.
    • This plan was successful in achieving targets.

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