Eighth Five Year Plan


 
 
Concept Explanation
 

Eighth Five Year Plan

Eighth Five Year Plan (1992-1997): Modernisation of industries was a major highlight of the Dighth Plan. Under this plan, the gradual opening of the Indian economy was undertaken to correct the burgeoning deficit and foreign debt. Meanwhile, India became a member of the World Trade Organisation on 1 January 1995. The eighth  development plan laid the groundwork for long-term structural adjustment. As the eighth plan came to an end in 1997, most analysts proclaimed it a success; with economic growth averaged 6% a year, employment rose, poverty was reduced, exports increased, and inflation declined.

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