Eighth five year plan of india ekalawya/?p=1957 The chairman of the eighth five year plan of India was P.V. NarasimhaRao and the deputy was Pranab Mukherjee. The plan due was April,1,1990 but it could not take off due to the fast changing political situation at the centre. The new Government, which assumed power at the centre in June 1991, decided that the eighth five year plan would commence on 1 April 1992 and that 1990-91 and 1991-92 should be treated as separate Annual Plans. Formulated within the framework of the approach to the Eighth Five year Plan (1990-95), the basic thrust of these Annual Plans was on maximisation of employment and social transformation. Eighth Five Year Plan of India runs through the period from 1992 to 1997 with the main aim of attaining objectives like modernization of the industrial sector, rise in the employment level, poverty reduction and self-reliance on domestic resources. This period is characterized by extreme FOREX reserve crisis and introduction of liberalization and privatization in Indian economy. To invite FDI in Indian industrial sector and to follow free market reforms were the only possible ways to revive the country from foreign debt. The main objectives are: • To prioritize the specific sectors which requires immediate investment. • To generate full scale employment. • To promote social welfare measures like improved healthcare, sanitation, communication and provision for extensive education facilities at all levels. • To check the increasing population growth by creating mass awareness programs. • To encourage growth and diversification of agriculture. • To achive self-reliance in food and produce surpluses for increase in exports. • To strengthen the ifrasturctural facilities like energy, power, irrigation. • To increase the technical capacities for develope science and technology. • To modernize Indian economy and build up a competative efficiency in order to participate in the global developments. • To place greater emphasis on role of private initiative in the development of the idustrial sector. • To involve the public sector to focus on only strategic, high-tech and essential infrastuctural developments. Modernization of industries was a major highlight of the Eighth Plan. Under this plan, the gradual opening of the Indian economy was undertaken to correct the burgeoning deficit and foreign debt. Meanwhile India became a member of the world trade organisation on 1 january 1995. • This plan can be termed as Rao and Manmohan model of Economic development. The total expenditure during the entire Eighth Plan stood at Rs.4,95,669 crore at current prices as against envisaged total public sector outlay of Rs 4,34,100 crore (1991-92 prices) resulting in a 14.2 percent. Against this an average annual growth rate of 6.8 percent was achieved during this plan period.
Posted on: Fri, 07 Jun 2013 15:37:46 +0000
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