Editing Indira Gandhi (section)

=== 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.{{sfn|Malik|1988|pp=60–72}} It was the economic rationale of the emergency, a political act which has often been justified on economic grounds.{{sfn|Malik|1988|pp=60–72}} In contrast to the reception of Gandhi's earlier economic plan, this one was criticised for being a "hastily thrown together wish list."{{sfn|Malik|1988|pp=60–72}} 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.<ref name="Growth statistics" />

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.<ref name="Nayak" /> 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).<ref name="Growth statistics" />{{sfn|Malik|1988|pp=60–72}} 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%.<ref name="Kelly">{{Cite book| publisher = [[World Scientific]]| page = 62|url={{Google books|eijMYAdeLkYC|page=PA62|keywords=|text=|plainurl=yes}}|isbn=978-981-256-494-8| last = Kelly| first = D. David A.|author2=Ramkishen S. Raj |author3=Gillian H. L. Goh | title = Managing Globalisation: Lessons from China And India| year = 2010}}</ref>