Key Points
Key Points: Five Year Plans
- India adopted the Five Year Plan model from the USSR (Russia); the Planning Commission was established in 1950 under Jawaharlal Nehru.
- The main aims were agricultural & industrial development, employment generation, poverty reduction, and self-reliance.
- The four goals of planning were Growth, Modernisation, Self-reliance, and Equity.
- The First Plan focused on agriculture, while the Second Plan focused on heavy industries under the Mahalanobis Model.
- Wars, famines, the oil crisis, and political instability affected the success of several plans.
- The Planning Commission was replaced by NITI Aayog (2015), and the Twelfth Plan (2012–17) was the last Five Year Plan.
Key Points: World Trade Organisation (WTO)
- WTO is the successor to GATT and governs international trade rules.
- Its primary goal is free, fair, and non-discriminatory global trade
- WTO works to reduce tariffs and remove trade barriers among nations.
- Special provisions exist to protect Less Developed Countries (LDCs).
- India is a member and has accepted WTO commitments affecting its economy.
- WTO membership has influenced India's sectors and social indicators.
- It functions through a multilateral conference structure involving all member countries.
