India at 70: Top ten moments from our economic journey

​It is 70 years since India famously made its tryst with destiny. In this period, the country's economy has been transformed from a predominantly statist and socialist economy to one where the Sensex and the Nifty and the GDP and the national budgets and its tax cuts have taken centrestage. As another independence day passes us by, we look at the seminal moments in our economic journey - handpicking our top ten.

The first five-year plan (1951)

Presented under the leadership of India's first Prime Minister, Jawaharlal Nehru in 1951, the objective of the plan was the development of India's primary sector. The major roadblock in the way of these five-year plans were shortage of capital and a low capacity to save. Seven broad areas majorly including irrigation, energy, agriculture, transport and communications, and industry were to be infused with Rs 2378 crore.

National income increased more than the per capita income due to rapid population growth. Irrigation projects at Bhakra, Hirakud and Damodar Valley dams commenced in this period. Also, the Indian government with assistance from the World Health Organisation (WHO) addressed children's health and reduced infant mortality.

The first five-year plan also culminated in the start of five IITs and the UGC to undertake education initiatives in the country.

In many ways, the foundation for growth had been laid.

Source: Sify

Image Courtesy: indiadidac.org

Also read other India@70 stories:

India at 70: Saluting PV Narasimha Rao, the man who transformed our economy

A timeline of 70 years of Indian Independence

Women after Independence: A retrospective of India's finest