“Goals of five year plans pursued till 1991”. Introduction: The plus one commerce batch of (Name of school) conducted a seminar on the topic Goals of five year plans pursued till 1991 on 16/08/2018 at 11.0 a.m with the ample guidance of our economics teacher. Our class was divided into four groups to cover the entire area of the topic. Each group presented one objective each. They focused on the area given to them and the group leader presented the seminar paper after required preparation.
Content:
A plan should have some clearly specified goals. The goals of the five-year plans are growth, modernization, self-reliance, and equity.
1. Growth:
It refers to increase in the country’s capacity to produce the output of goods and services within the country. It implies either a larger stock of productive capital, or a larger size of supporting services like transport and banking, or an increase in the efficiency of productive capital and services.
A good indicator of economic growth, in the language of economics, is steady increase in the Gross Domestic Product (GDP). The GDP is the market value of all the goods and services produced in the country during a year. The GDP of a country is derived from the different sectors of the economy, namely the agricultural sector, the industrial sector, and the service sector. The contribution made by each of these sectors makes up the structural composition of the economy.
2. Modernization:
To increase the production of goods and services the producers have to adopt new technology. For example, a farmer can increase the output on the farm by using new seed varieties instead of using the old ones. Similarly, a factory can increase output by using a new type of machine. Adoption of new technology is called modernization.
However, modernization does not refer only to the use of new technology but also to changes in social outlook such as the recognition that women should have the same rights as men. In a traditional society, women are supposed to remain at home while men work. Modern society makes use of the talents of women in the workplace in banks, factories, schools, etc. and such a society will be more civilized and prosperous.
3. Self-reliance:
A nation can promote economic growth and modernization using its own resources or by using resources imported from other nations. The first seven five year plans gave importance to self-reliance which means avoiding imports of those goods which could be produced in India itself.
This policy was considered a necessity in order to reduce our dependence on foreign countries, especially for food. It is understandable that people who were recently freed from foreign domination should give importance to self-reliance.
4. Equity:
Now growth, modernization, and self-reliance, by themselves, may not improve the kind of life which people are living in A country can have high growth; the most modem technology developed in the country itself, and also has most of its people living in poverty. It is important to ensure that the benefits of economic prosperity reach the poor sections as well instead of being enjoyed only by the rich. So, in addition to growth,
modernization, and self-reliance, equity is also important every Indian should be able to meet his or her basic needs such as food, a decent house, education, and health care and inequality in the distribution of wealth should be reduced.
Conclusion:
All the four groups presented their topics with necessary facts and figures. After the presentation, there was the question-answer session. The active participation of everyone made this session live and interesting. On the whole, the seminar was a big success.
