 The Fifth Plan (1974-79) was formulated against the backdrop of severe inflationary pressures.

 The major objectives of the Plan were to achieve self-reliance and adopt measures for raising the consumption standard of people, living below the poverty line. This Plan also gave high priority to bring inflation under control and to achieve stability in the economic situation.

 The Plan laid particular emphasis on improving the conditions of the less privileged and weaker sections, especially through provision of employment and education. Efforts were directed towards reduction of concentration of wealth, income and economic power to promote equity.