Five-Year Plans are government initiatives aimed at economic development and growth over a five-year period. They typically outline specific goals for various sectors, such as industry, agriculture, and infrastructure, and set targets for production and investment. These plans are often associated with Soviet Union economic policy, where they were used to transform the economy through centralized planning. Countries like China and India have also implemented their own Five-Year Plans to address national priorities and improve living standards. The plans help allocate resources efficiently and measure progress, allowing governments to adjust strategies based on performance and changing conditions.