The Eighth Five-Year Plan (1992-1997)

The Eighth Five-Year Plan (1992-1997)

The Eighth Five-Year Plan, following the momentous shift brought about by the New Economic Policy (NEP) in 1991, aimed to consolidate reforms and build momentum for continued economic growth.  Key Features and Achievements Sustained Productivity Growth : The plan aimed to build on the initial successes of the NEP and achieve a sustained improvement in productivity across various sectors. This was achieved with an impressive actual growth rate of 6.68%, exceeding the target of 5.6%. Indicative and Integrative Planning : Shifting away from rigid centralized planning, the Eighth Plan adopted a more flexible and indicative approach, encouraging private sector participation and integration between different sectors. Democratic Decentralization and Rural Development : Empowering local communities and promoting participatory decision-making in rural development projects was a central focus, aiming to bridge the urban-rural divide. Human Resource Development (HRD) and Education : Universalizing access…