The Second Five-Year Plan Draft Memorandum 27 December 1955

Abstract

The Second Five-Year Plan Draft Memorandum (1956–1961) outlines India’s strategic vision for economic development, emphasizing industrialization, infrastructure expansion, and social equity. The plan targets a 25% increase in national income and the creation of 10–12 million jobs, while addressing wealth disparities through socialist-oriented policies. Key financial allocations prioritize transport, industries, power, agriculture, and social services, supported by a mix of budgetary resources, deficit financing, internal savings, and foreign assistance. Agricultural reforms focus on increasing food grain production, irrigation coverage, cooperative farming, and improved management practices. Industrial development emphasizes iron and steel, chemicals, cement, and coal, with significant investments in both public and private sectors. Infrastructure and social service initiatives include the expansion of Indian Railways, health programs, staff welfare, and targeted support for backward classes. Rehabilitation strategies for displaced persons from West and East Pakistan integrate housing, financial assistance, and employment creation. The plan underscores coordinated administrative structures, technical training, and community participation to achieve sustainable growth, employment generation, and equitable socio-economic development.