Briefly describe the estimated expenditure and achievement of the 2nd Five Year Development Plan

Question

Briefly describe the estimated expenditure and achievement of the 2^nd Five Year Development Plan

Accepted Answer

Estimated Expenditure for the plan:

It was estimated that Rs 23 billion was needed to achieve the objectives and targets of the Second Five Year Plan. It was estimated that Rs 12.4 billion would be spent on the public sector, Rs 3.8 billion in the semi-public sector, and Rs 6.8 billion in the private sector.

Economic Growth:

Under this Plan, the pace of economic growth of the country remained quite satisfactory. In some sectors, a higher growth rate was witnessed as compared to the estimated rates.

Achievements:

The points given below attract our attention when we analyze the plan.

National Gross Income exceeded even beyond 30 %
Exports were increased at a rate of 7 % per annum
In the industrial sector, more than 15 % of growth was recorded.
In the agriculture sector, more than 15 % of growth was recorded.

Importance of the Plan:

The Second Five Year Plan occupies special importance in the economic planning of the country because while preparing this Plan, the drawbacks of the First Five Year Plan were taken into account. So, the drawbacks were rectified and special care was taken in the evaluation of national resources. The success of this Plan proved a source of encouragement. It helped a lot in future planning.