Subject: Economics
Book: Comprehensive Indian Economy
Post-independence, India adopted Five-Year Plans inspired by socialist economic planning, focusing on industrial development, self-sufficiency, and poverty reduction. Over time, criticisms about rigid targets and inefficiencies grew. Eventually, a new planning paradigm emerged, dismantling the Planning Commission and replacing it with a more flexible institutional approach. This shift aims to promote cooperative federalism and encourage bottom-up policy initiatives. From an exam perspective, students should note the main objectives and outcomes of each Five-Year Plan, why the old model was replaced, and how the current framework focuses on strategic, medium-term policy agendas.
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