Economic Planning In India

MEANING OF ECONOMIC PLANNING

 Planning is a systematic process of achieving the predetermined goals  within the specific period of time. Economic planning means utilization of country’s resources into different development activities in accordance with national priorities.

The Planning commission : In India the economic planning process began by establishing a PLANNING COMMISSION in 1950. 

IN 2016 THE  GOVERNMENT ABOLISHED THE PLANNING COMMISSION AND INTRODUCED NITl AYOG IN PLACE OF IT.

LONG TERM OBJECTIVES OF FIVE YEAR PLANS:

1. GROWTH

Economic growth implies a consistent increase in GDP .

Or a consistent increase in the flow of goods and services in the economy over a long period of time.

2.EQUITY

‘Equity’ in terms of equitable distribution of income implies social justice.

Only when economic growth is combined with social justice that growth is converted into development. 

3. MODERNISATION

Adoption of new technology is called modernization.However, modernization does not refer only to the use of new technology but also to changes in social outlook .  

4.SELF RELIANCE

Self  reliance  means achieving the ability to meet own needs independently. 

A nation can promote economic growth and modernization by using its own resources.