Significant achievements of Five Year Plans in India are as follows; Growth of agriculture output: India became self-sufficient in food grains. An increase in farm output during the First Plan helped to end inflation, stabilized the economy, and paved the way for a higher rate of development during the Second Plan. Many irrigation projects were…
It is not possible to give any precise or universally acceptable definition of Economic Planning. There is no unanimity among political thinkers and economists about the concept of planning. Different economists across the world have defined economic planning in a variety of ways. Mrs.Brbara Wooton the Director of studies in economics at Girton defines “Economic…
At the time of Independence, India’s accounted for only three per cent of the world’s GDP, or about Rs 2.7 lakh crores. Per-capita income figures from 1947 are vague but according to some estimates, India’s share of total world income fell to as low as 3.8 percent. India had a population of 340 million and…