Chairman, the commission has a nominated Deputy Chairman, who holds the five year plan india pdf of a Cabinet Minister. The Eleventh Plan completed its term in March 2012 and the Twelfth Plan is currently underway. Revised versions of the formula have been used since then to determine the allocation of central assistance for state plans.
Most communist states and several capitalist countries subsequently have adopted them. India launched its First FYP in 1951, immediately after independence under socialist influence of first Prime Minister Jawaharlal Nehru. The First Five-Year Plan was one of the most important because it had a great role in the launching of Indian development after the Independence. The total planned budget of Rs. The target growth rate was 2. National income increased more than the per capita income due to rapid population growth. Contracts were signed to start five steel plants, which came into existence in the middle of the Second Five-Year Plan.
The plan was quasi successful for the government. The plan attempted to determine the optimal allocation of investment between productive sectors in order to maximise long-run economic growth. The plan assumed a closed economy in which the main trading activity would be centred on importing capital goods. In 1957 a talent search and scholarship program was begun to find talented young students to train for work in nuclear power. The total amount allocated under the Second Five-Year Plan in India was Rs. This amount was allocated among various sectors: power and irrigation, social services, communications and transport, and miscellaneous. The target growth rate was 4.