'Modernisation' as aim of Five Year Plans refers to the adoption of new technology by the producers to increase the output of goods and services. This adoption of new technology by the farmers and producers of factory output is known as "modernisation".
It is used as a wider phenomenon because it does not refer only to use of new technology but also to the changes in social outlook such as recognition of the rights of women to be same as men. This is to enable the use of the talents of women in the modern society.