Economic planning is the procedure through which a State makes or influences key economic decisions. The Indian government has come up with various objectives such as utilizing the country’s human resources by increasing employment level, economic development, self-sufficiency, and social justice, in its economic planning.
Economic Development and self-sufficiency are the major objectives of Indian economic planning. Economic development is measured in terms of GDP and per Capita Income. In many countries, the object of Self-sufficiency refers to several things such as the policy goal of anti-poverty programs. In other words, self-sufficiency is the ability of individuals and families to maintain sufficient income to consistently meet their basic needs like food, clothing, housing, utilities, health care, transportation, etc. with no or minimal financial support from the Government.
Economic Planning in India:
India adopted economic planning in 1951 when it launched its First Five Year Plan for the period 1951 to 1956. Since then it has completed Eleven Five- Year Plans besides a few years of breaks in the form of Annual Plans. The objectives of 5-year plans were Economic Growth, Economic Equity and Social Justice, Full Employment, Economic Self-Reliance, and Modernisation.
Self-sufficiency: India aimed to become self–sufficient in major commodities and increase exports. During the third five-year plan, 1961-66, the Indian economy had reached the take-off stage of development.
Economic Stability: Economic stability is just as crucial as economic development. In an unstable economy, inflations and deflations occur frequently. Economic planning in India aims for stable market conditions as well as India’s economic growth. This entails keeping inflation at a low level while also preventing price deflation. If the wholesale price index rises or falls sharply, structural flaws in the economy are created, which economic planning seeks to avoid.
Social Justice: One of the primary objectives of Indian planning has been minimizing the number of individuals living in poverty and providing them with access to work and social services.
Social Welfare and Services: Social planning in India encompasses a broad range of priorities, with a focus on areas such as education, healthcare, housing, social welfare, and rural development. These priorities have evolved through five-year plans, reflecting the changing needs and circumstances of Indian society. The goal of the five-year plan has been to promote labour welfare, economic development of the underprivileged, and social welfare for the poor. The development of social services such as education, health, technical education, scientific advancement, and so on has also been a goal of the Plans.
Economic Development: Economic development focuses on income, jobs, and quality of life. The higher rates of economic growth were prioritised practically in India’s Five Year Plans. Several measures have been taken in the plans to achieve the objectives of economic equality, especially by way of progressive taxation and reservation of jobs.
Regional Development: The goal of India’s economic planning is to decrease regional differences in development. Regional planning deals with the efficient placement of land-use activities, infrastructure, and settlement growth across a larger area of land than an individual city or town. Regional planning is related to urban planning as it relates to land use practices on a broader scale. Some States in India are economically developed; other states are economically backward or less developed. Planning in India tries to investigate these inequities and provide methods to address them.
Related Posts:
| Definition of Economic Planning | History of Economic Planning | Objectives of Economic Planning |
| Types of Planning | Achievements of Planning, and Financial resources for 5-year plans |
