Fourth Five Year Plan
The period of Fourth Five Year Plan was 1969-74. It was based on the Gadgil strategy. The target growth rate was 5.6%, but the actual growth rate was 3.3%. The Plan focus was on growth with stability and progress towards self-reliance. The main emphasis was on growth rate of agriculture to enable other sectors to move forward.
At this time Indira Gandhi was the Prime Minister. The Indira Gandhi government nationalised 14 major Indian banks and the Green Revolution in India advanced agriculture. In addition, the situation in East Pakistan (now Bangladesh) was becoming dire as the Indo-Pakistan War of 1971 and Bangladesh Liberation War took funds earmarked for industrial development.
India also performed the Smiling Buddha underground nuclear test (Pokhran-1) in Rajasthan on May 18, 1974, partially in response to the United States deployment of the Seventh Fleet in the Bay of Bengal. The fleet had been deployed to warn India against attacking West Pakistan and extending the war.