28 SOCIAL SCIENTIST vation because the mid-sixties represent a turning point in post-independence Indian economic history. It is at this point that the clear commitment to national economic planning, as encompassed in the first three Five Year Plans, was markedly diluted in the face of wars, drought and severe balance of payments problems. In all subsequent years, national economic planning has been a much more half-hearted affair and the focus has shifted gradually but definitely away from an emphasis on public investment and physical targets towards greater reliance on market forces and in attempts to influence these through pricing and financial policies. Selected rates of growth Tablein the IIndian economy 1953-84 S. No. Indication 1953-54 to 1958-59 1958-59 to 1964-65 1964-65 to 1970-71 mo-71to1977-78 1977-78 to 1983-84 1. Net domestic product (constant prices) 3.6 4.5 3.1 3.6 3.9 1. Per capita N.D.P. (constant prices) 1.6 2.4 0.9 1.3 1.7 3. Agricultural production 2.8 2.8 2.4 2.5 2.6 4. Industrial output 6.7 9.3 3.2 4.7 4.6 5. Gross domestic fixed 9.9 7.8 4.0 5.8 4.0 capital formation of which 12.1 13.1 -1.3 8.5 6.3 (i) public (ii) private 8.5 2.9 8.9 3.9 1.8 6. Export quantum 0.0 3.7 3.5 7.7 45 7. Import quantum 9.8 4.9 0.8 5.9 9.0 8. External terms of trade 0.9 I 6 2.1 -16 -3.0 9. Per capita foodgrain availability 0.6 1.0 -1.8 0.0 0.3 10; Per capita availability of cloth 0.8 2.8 -1.2 -2.0 1.5 11. Consumer price index 2.2 3.8 6.7 8.3 9.1 12. Domestic terms of trade (agricultural prices— -0.1 — 0.2 3.1 -0.3 -0.3 industrial prices) It is my considered view, elaborated further in a later section, that this shift in policy was an unfortunate one. However, in all fairness, it must be pointed out that the period after 1964-65 has been beset with one [shock after another : the unprecedented drought of 1965-66 and 1966-67, tbo Tndo-Pak W^r? of 19^5 and 1971, and the oil price shocte in 1973 and