Fifth Five Year Plan
The period of Fifth Five Year Plan was 1974-79. The target growth rate was 4.4% and the actual growth rate was 4.8%. This plan was terminated in 1978 (instead of 1979) when Janta Party government rose to power. It laid stress on employment, poverty alleviation, and justice. The plan also focused on self-reliance in agricultural production and defence. Final draft was put forward by O P Dhar.
The hyper-inflation led the government to hand over a new function to the Reserve Bank of India to stabilise the inflation. A judicious price wage policy was started to check the menace of inflation on the wage-earners.
The Electricity Supply Act was amended in 1975, which enabled the central government to enter into power generation and transmission. The Indian national highway system was introduced and many roads were widened to accommodate the increasing traffic. Tourism also expanded.
The twenty-point programme was launched in 1975. The Minimum Needs Programme (MNP) was introduced in the first year of this Plan. The objective of the programme is to provide certain basic minimum needs and thereby improve the living standards of the people.