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Kerala PSC India Year Book Study Materials Page 401Book's First Page
making assessment of all resources of the country augmenting deficient resources, formulating plan for the most effective and balanced utilization of resources and determining priorities. Jawaharlal Nehru was the first chairman of the Planning Commission. First Plan Keeping in view the large-scale import of food grains in 1951 and inflationary pressures on the economy, the First Plan (1951-56) accorded the highest priority to agriculture including irrigation and power projects. About 44.6 per cent of the total outlay of ₹ 2,069 crore in the public sector (later raised to ₹ 2,378 crore) was allocated for this purpose. The Plan aimed at increasing the rate of investment from five to about seven per cent of the national income. Second Plan The Second Five-Year Plan (1956-57 to 1960-61) sought to promote a pattern of development, which would ultimately lead to the establishment of a socialistic pattern of society in India. Its main aims were (i) an increase of 25 per cent in the national income; (ii) rapid industrialization with particular emphasis on the development of basic and heavy industries; (iii) large expansion of employment opportunities; and (iv) reduction of inequalities in income and wealth and a more even distribution of economic power. The Plan aimed at increasing the rate of investment from about seven percent of the national income to 11 per cent by 1960-61. It laid emphasis on industrialization, increased production of iron and steel, heavy chemicals including nitrogenous fertilizers and development of heavy engineering and machine building industry. Third Plan The Third Plan (1961-62 to 1965-66) aimed at securing a marked advance towards self- sustaining growth. Its immediate objectives were to: (i) secure an increase in the national income of over five per cent per annum and at the same time ensure a pattern of investment which could sustain this rate of growth in the subsequent Plan periods; (ii) achieve self-sufficiency in food grains and increase agricultural production to meet the requirements of industry and exports; (iii) expand basic industries like steel, chemicals, fuel and power and establish machine building capacity so that the requirements of further industrialization could be met within a period of about 10 years mainly from the country’s own resources; (iv) fully utilize the manpower resources of the country and ensure a substantial expansion in employment opportunities; and establish progressively greater equality of opportunity and bring about reduction in disparities of income and wealth and a more even distribution of economic power. The Plan aimed at increasing the national income by about 30 per cent from ₹ 14,500 crore in 1960-61 to about ₹ 19,000 crore by 1965-66 (at 1960-61 prices) and per capita income by about 17 per cent from 330 to 386 over the same period. Annual Plans The situation created by the Indo-Pakistan conflict in 1965, two successive years of severe drought, devaluation of the currency, general rise in prices and erosion of resources available for Plan purposes delayed the finalization of the Fourth Five Year Plan. Instead, between 1966 and 1969, three Annual Plans were formulated within the framework of the draft outline of the Fourth Plan.