Question

Which is the organization that approves five-year plans?

Answer 1

Five year plans are developed, executed and monitored by the NITI Ayog (Prime Minister is the ex-official Chairman). Till date 12 five year plans have been launched in India. The final approval to any five year plan is given by the National Development Council (NDC). The NDC, headed by the Prime Minister with all Chief Ministers and Cabinet Ministers on board, is the final authority to approve the five-year long policy document. The Soviet Union's achievements were tremendous during the first five-year plan, which yielded a fifty-percent increase in industrial output. To achieve this massive economic growth, the Soviet Union had to reroute essential resources to meet the needs of heavy industry.