quality:correction, structural:expansion, information:extraction, information:filtering, stylistic:style_transfer
The Fifth Five-Year Plan

The Fifth Five-Year Plan (1974–1979) was enacted with the backdrop of the state of emergency and the Twenty Point Program of 1975. It was the economic rationale of the emergency, a political act which has often been justified on economic grounds. In contrast to the reception of Gandhi's earlier economic plan, this one was criticised for being a "hastily thrown together wish list." She promised to reduce poverty by targeting the consumption levels of the poor and enact wide-ranging social and economic reforms. In addition, the government targeted an annual growth rate of 4.4% over the period of the plan.

The measures of the emergency regime was able to halt the economic trouble of the early to mid-1970s, which had been marred by harvest failures, fiscal contraction, and the breakdown of the Bretton Woods system of fixed exchanged rates. The resulting turbulence in the foreign exchange markets was accentuated further by the oil shock of 1973. The government was able to exceed the targeted growth figure with an annual growth rate of 5.0–5.2% over the five-year period of the plan (1974–79). The economy grew at the rate of 9% in 1975–76 alone, and the Fifth Plan, became the first plan during which the per capita income of the economy grew by over 5%.