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: World Trade Organisation
- WTO (1995) replaced GATT (1948) to create a rule‑based global trading system and reduce arbitrary trade barriers.
- Aims: expand trade in goods and services, ensure efficient resource use, and protect the environment.
- Promotes removal of tariffs and non‑tariff barriers and more market access for member countries.
- India has reduced tariffs and removed quantitative restrictions as per its commitments and argues for developing countries’ interests.
- Criticism: benefits mainly developed nations, and developing countries feel pressured to open markets while rich countries retain protections, especially in agriculture.
