Current Affairs

Tenth Five Years Plan – 2002 to 2007 – AT A GLANCE


2002 TO 2007  –  AT  A  GLANCE

Tenth Five  Year  Plan :  Planning Commission finalized the  Approach Paper to  Tenth Five-Year Plan. It aims to increase annual growth target of 8 per cent and lowers the annual Foreign Direct Investment (FDI) target to $ 7.5 billion against $ 8 billion set in the  Approach Paper, which would be less than 1 per cent of the Gross Domestic Product (GDP). It also lays emphasis on social sector along with economic growth while giving projection to the planned development of the country during 2002-07.

Highlights of the Tenth Five-Year Plan :
  • Annual 8 per cent GDP growth during 2002-07 
  • Annual FDI flows of US $ 7.6 billion 
  • Disinvestment target of Rs.78,000 crore in five years 50 million jobs in five years 
  • Reduction in poverty ratio to 21 from 26 per cent by 2007 
  • Children to complete at least 5 years of schooling by 2007
  • Literacy rate to be raised from 65 to 75 per cent
  • Potable drinking water in all villages 
  • Infant mortality rate to be 45 out of 1000 
  • Domestic savings to be 26.8 per cent of GDP
  • Investment rate pegged at 28.4 per cent of GDP.

Reform Measures : The Tenth Five-Year Plan also includes the following reform measures :
  • Agriculture reforms 
  • Go ahead with labor reforms 
  • Abolish restrictions on road transport passenger services Involve private sector in road maintenance 
  • Early adoption of Civil  Aviation Policy 
  • Remove Infrastructure constraints in energy, transport and water sectors 
  • Undertake tax reform measures
  • Funds to be mobilized through savings and domestic sources.

You Also Read :  Five Year Plans and Its Goals

Poverty Line: The Planning Commission in 1980 defined poverty line in the sixth five-year plan document on the basis of nutritional standards as : Per capita expenditure below Rs.152/-per month(Rural Population) and Rs.133/= per month(Urban Population). Percent of population living below the poverty line is 25.8%(75% of which is tribal population). Therefore total number of people below the poverty line is estimated at 211 million.
Currency System in India
It was first introduced during the reign of the Gupta’s in Gold coins (390  AD – 550  AD). During the period of Sher Shah Suri  (1542 AD) introduce the Rupee,it was a silver coin weighing around 179 grams and it replaced the gold coins. In 1882 Paper Currency was introduced by the British government in India. Presently denominations of Re.5,10,20,100 and 500 are in circulation. The currency note of Rs.500 bearing portrait of Mahatma Gandhiji and the Ashoka Pillar emblem was issued on October 3, 1987. All notes above one rupee denomination are issued by the Reserve Bank of India, bearing the signature of Governor,Reserve Bank of India. One Rupee note bears the signature of the Secretary, Ministry of Finance. Reserve Bank of India manages distribution and administration of all currency denominations.

Banking System in India Reserve Bank of India (RBI) became state owned bank on 1st January 1949. Functions of Reserve Bank of India are :   
The RBI regulates issue of bank notes above one rupee denomination.  
Acts as the banker to the Government of India and the state governments Commercial and Cooperative banks.   
Represents India at the International Monetary Fund (IMF)   
Maintains exchange value of rupee.   Formulates and administers the monetary policy.   
Undertakes distribution of all currency notes and coins on behalf of the government.
State Bank of India 

SBI is the largest public sector bank of India and was created after nationalization of Imperial Bank of India in 1955. It is the largest in the world with nearly 10,840 branches.

Nationalization of Banks The Government of India nationalized 14 banks on July 19, 1969 and six more on April 15, 1980. First 14
Nationalized banks are:
1. Bank of Baroda
2. Union Bank of  India
3. Bank of Maharashtra
4. Central Bank of India
5. Indian Bank
6. Indian Overseas Bank
7. Punjab National Bank
8. Bank of India
9. Canara Bank
10. Dena  Bank
11. United Bank of India
12. Allahabad Bank
13. United Commercial Bank
14. Syndicate Bank

Second Nationalized banks are:
1.   Vijaya Bank
2.  Orient Bank of Commerce
3.  Punjab & Sind Bank
4.  Corporation Bank
5.  Andhra Bank
6.  New Bank of India
The New Bank of India was merged with the Punjab National Bank,leaving only 19 Nationalized banks.
You Also Read :  Five Year Plans and Its Goals

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