Key Points
Key Points: Five Year Plans
- India’s Five-Year Plans aimed to balance growth, modernisation, self-reliance, and equity.
- Not every plan met its targets, but overall, they improved the economy, society, and infrastructure.
- The approach ended in 2017, now replaced by medium- and long-term visions under NITI Aayog.
Key Points: Industry and Trade
- India needed industrialisation after independence for stable jobs and modernisation.
- Government led industry because private sector was weak and policy was socialist.
- IPR 1956: key industries with government; others with private but under control.
- Licensing to start/expand industries and promote backward regions.
- Small-scale industries: labour-intensive, help rural jobs; given protection and concessions.
