Since 1947, the Indian economy has been premised on the concept of planning. This has been carried through the Five-Year Plans, developed, executed, and monitored by the Planning Commission. With the Prime Minister as the ex-officio Chairman, the commission has a nominated Deputy Chairman, who holds the rank of a Cabinet Minister. Montek Singh Ahluwalia is the last Deputy Chairman of the Commission (resigned on 26 May 2014). The Eleventh Plan completed its term in March 2012 and the Twelfth Plan is currently underway.
Prior to the Fourth Plan, the allocation of state resources was based on schematic patterns rather than a transparent and objective mechanism, which led to the adoption of the Gadgil formula in 1969. Revised versions of the formula have been used since then to determine the allocation of central assistance for state plans.
| Five year plan | Duration | Aim |
| 1st Five Year Plan | 1951-56 | Priority of Agriculture |
| 2nd Five Year Plan | 1956-61 | Priority of Industries Sector |
| 3rd Five Year Plan | 1961-66 | Self Reliance |
| 4th Five Year Plan | 1969-74 | Removal of Poverty, Growth with Justice |
| 5th Five Year Plan | 1974-79 | Removal of Poverty and Self reliance |
| 6th Five Year Plan | 1980-85 | The emphasis same as 5th Plan |
| 7th Five Year Plan | 1985-90 | Food Production, Employment, Productivity |
| 8th Five Year Plan | 1992-97 | Employment Generation, Control of Population |
| 9th Five Year Plan | 1997-02 | Growth Rate of 7 percent |
| 10th Five year Plan | 2002-07 | Self employment and resources and development |
| 11th Five Year Plan | 2007-12 | Comprehensive and faster growth |
| 12th Five Year plan | 2012-17 | Improvement of Health, Education and Sanitation |
