The "Plan Holiday" of 1966-1969
The period between 1966 and 1969, often referred to as the "Plan Holiday," marked a shift in India's development strategy following the disappointing performance of the Third Five-Year Plan. Reasons for the "Plan Holiday": Economic crisis : The failure of the Third Plan and its ambitious targets, exacerbated by natural disasters and wars, led to a significant decline in agricultural production and an economic crisis. Need for consolidation : Instead of launching another ambitious five-year plan, the government opted for a period of consolidation and stabilization to address immediate economic challenges. Focus on short-term goals : Instead of long-term visions, the annual plans focused on tackling short-term issues like inflation, recession, and removing economic strains. Key Achievements of the "Plan Holiday": Agricultural improvement : While not transformative, some improvements were seen in agricultural production, thanks to increased investments and policy…
