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Five Year Plans In India

ICSE · Class 11 · Economics

Quick revision notes for Five Year Plans In India — ICSE Class 11 Economics. Key concepts, formulas, and definitions for last-minute revision.

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Key Topics to Revise

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1. Meaning and Nature of Economic Planning

  • Economic planning means the deliberate use of a country's resources for development according to national priorities.
  • Planning is a conscious and organised process with predetermined goals and a fixed time period.
  • Under planning, a central planning authority takes major economic decisions such as what to produce, how much to produce, how to produce, and for whom to produce.
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2. Origin and Development of Plans in India

  • The first systematic attempt of economic planning in India was made in 1936 by M. Visvesvaraya through his book Planned Economy for India.
  • The National Planning Committee was set up by Indian National Congress in 1938 with Pt. Jawahar Lal Nehru as Chairman.
  • In 1943, eight leading industrialists of Bombay submitted the Bombay Plan.
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3. Planning Objectives and Plan Objectives

  • Planning objectives are long-term objectives meant to be achieved over 20 years.
  • Planning objectives are also called Perspective Plan objectives.
  • Plan objectives are short-term objectives meant to be achieved over 5 years.
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4. Common Goals of Planning in India

  • The central objective of Indian economic planning is to abolish poverty and achieve the highest possible standard of living.
  • Economic growth means increase in national income and per capita income.
  • Modernisation means using modern technology in production and also changing social outlook.

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Full Notes

Key Concepts

Economic planning means the utilisationThe Planning Commission was establishedThe first systematic attempt at economicPlanning objectives are longPlan objectives are short

Frequently Asked Questions

What are the important topics in Five Year Plans In India for ICSE Class 11 Economics?
Key topics in Five Year Plans In India include Five Year Plans in India — Complete Chapter Overview, Mind map showing six key characteristics of economic planning that guide how plans are formulated and implemented, Timeline showing key milestones in the development of economic planning in India from 1936 to 1951. These are the concepts ICSE Class 11 examiners draw on most — study them first, then practise related questions.
How to score full marks in Five Year Plans In India — ICSE Class 11 Economics?
Understand the core concepts first, then work through the 44 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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