8th Five Year Plan

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8th Five Year Plan

8th Five Year Plan commenced on 1992 and carried on till 1997. The basic objective of this period was the modernization of industrial sector. This plan focused on technical development. Through this plan the reduction of deficit and foreign debt was aimed at. The rectification of certain flawed plans and policies were also done under this five year plan. During this period only India received a coveted opportunity to become a member of the World Trade Organization on January 1st 1995.
Agricultural Activities During this Period

Agriculture happens to be the largest contributor to the GDP of India. In fact two third of the work force was dependent on agriculture. Industries also made use of agricultural produce as inputs in their production process.
Self-Sufficiency in Agricultural Production

Self-sufficiency in agricultural production was a top priority during India's eighth Five Year Plan since most of the population depended on that. Production of food increased to 176.22 million from 51 million which was a huge leap in comparison to the previous years.

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