Similar to the USSR, the Planning Commission of India adopted the concept of five-year plans (FYP). The concept is straightforward: the Government of India prepares a comprehensive document outlining the plan for income and expenditure for the next five years. This plan guides the budget allocation at both the central and state levels, based on the priorities set by the plan. The advantage of a five-year plan is that it allows the government to focus on the broader perspective and make long-term interventions in the economy.

The release of the draft of the First Five-Year Plan and the subsequent Plan Document in December 1951 generated great enthusiasm throughout the country. People from diverse backgrounds - academics, journalists, government and private sector employees, industrialists, farmers, politicians, etc. - extensively discussed and debated these documents. The excitement surrounding planning peaked with the launch of the Second Five-Year Plan in 1956 and continued until the Third Five-Year Plan in 1961. However, by 1966, when the Fourth Plan was scheduled to begin, the novelty of planning had diminished significantly, coinciding with India's severe economic crisis. The government opted for a "plan holiday" during this period.

Who extensively discussed and debated the Plan Document of the First Five-Year Plan?

People from various backgrounds

The release of the draft of the First Five-Year Plan and the subsequent Plan Document in December 1951 generated great enthusiasm throughout the country. People from diverse backgrounds - academics, journalists, government and private sector employees, industrialists, farmers, politicians, etc. - extensively discussed and debated these documents. The excitement surrounding planning peaked with the launch of the Second Five-Year Plan in 1956 and continued until the Third Five-Year Plan in 1961. However, by 1966, when the Fourth Plan was scheduled to begin, the novelty of planning had diminished significantly, coinciding with India's severe economic crisis. The government opted for a "plan holiday" during this period.