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To achieve economic self-reliance was the main objective of which Five Year Plan?

To achieve economic self-reliance was the main objective of which Five Year Plan? Correct Answer Fourth Five Year Plan

The correct answer is Fourth Five Year Plan

  • The Fourth Five Year Plan was the first plan introduced by the Indira Gandhi government in the scenario of the pressure of drought, devaluation, and inflationary recession.
  • The country was struggling with the population explosion, escalating unemployment, poverty, and a shackling economy.
  • In addition, the condition in East Pakistan (now independent Bangladesh) was becoming worse as the Indo-Pakistani War of 1971 and Bangladesh Liberation War happened.
  • Funds released mainly for the industrial development had to be utilized for the war effort. The consequence was that this plan duration was also no advantage over the third five-year plan.
  • India fought yet one more war with Pakistan and aided in the establishment of Bangladesh. Required to tackle the condition of Bangladeshi refugees after the 1971 war.
  • The nationalization of 14 primary Indian Banks was a workaround even during this war. This increased the confidence of the people in the banking sector and started higher mobilization of private savings into bank accounts.
  • In the final period of this plan, India also conducted the Smiling Buddha underground nuclear test in 1974. This test was partially in answer to the US deployment of the Seventh Fleet in the Bay of Bengal to give warning to India against attacking West Pakistan and escalating the war. The international community took various harsh steps against India, which created an impact on the domestic economy.
  • The Oil Crisis of 1973 escalated the oil and fertilizer rates resulting to a very high inflation.

Related Questions

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