Five-year planning was the part of the economic development of India that was borrowed from the USSR. It was a socialist approach and J.L. Nehru adopted it due to his philosophy of socialism.
Five-Year Plans used to be prepared by the planning commission of India which was set up on 15 March 1950.
There was 12 five year plan until 2017.
The planning commission was abolished and NITI Aayog was constituted on 1 January 2015 which was formed with the aim of sustainable development by cooperative federalism.
The first five-year plan started in 1951-52.
1966-1969 is called a Plan holiday because there was not a five-year plan but a yearly plan.
The fifth five-year plan in 1977-78 is called a Rolling plan.