India has till now followed a 5 year plan format based on USSR’s model. But things are changing since NITI Ayog has replaced Planning Commission.
Prime Minister has approved a three-level planning framework for replacing the five-year plans.
Provisions of the policy
- In the new framework, there will be a 3-year Action Plan for 2017-18 to 2019-20, aligned to the award period of the 14th Finance Commission.
- In it there is also a 7-year strategy from 2017-18 to 2023-24 to convert “longer vision into implementable policy and action as part of the “National Development Agenda” with a mid-term review after three years, in the financial year ending March 2020.
- Finally, it will have an over-arching 15-year aspirational plan for achieving the Sustainable Development Goals.
- The 15-year plan’s main theme will be poverty.