Gears of Consumption and Investment in Different Plan Periods

Code : MAC0034

Year :
2011

Industry : -

Region : India

Teaching Note:Available

Structured Assignment :Not Available

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Background Note After independence, several inherent structural bottlenecks were identified. First, there was an acute deficiency of material capital. Second, the low capacity to save translated into slow speed of capital accumulation. The third was the limitations that prevented conversion of savings into productive investment. Fourth was the large population that was heavily dependent on agriculture rendering it to diminishing returns to scale. These were the issues that marked the initial five-year plans formulated to stimulate consumption and investment demand...

The Changing Faces of the Five-Year Plans The first five-year plan (1951-1955) concentrated on the general development problems faced by the country and the options available for raising resources and developing the country with wealth being equitably distributed. Special emphasis was laid on the mobilization of rural labor and land reforms. According to the plan projection, savings and investment as a proportion of national income were expected to grow from 5-6% in the early 1950s to 20% by 1968-69...

Redefining the Role of the State The tenth five-year plan (2002- 2007) indicated a major policy shift in the development perspective of the nation. It was widely acknowledged in the plan draft that agriculture should take the center stage of the economy and of all the development efforts. Two observations were made in this regard. First, that the industrial sector in India had reached a mature stage and no longer required government's focused attention for protection; the government’s role should be more that of a facilitator...


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