However, it was in the Fifth Plan (1974-79) that self reliance was recognised as an explicit objective. In the Fifth Plan, invisibles surfaced as an important element of the current account with policy attention on tourism and shipping.
Discovering the remittances from Indian workers as a new source of meeting the growing financing needs, the period witnessed new confidence in the external sector and prepared the ground work for take off to the exchange rate regime based on a basket arrangement initiated since 1975.