Five Year Plans In India — Flashcards

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Economic planning means the utilisation of a country's resources into development activities in accordance with national priorities. It is a deliberate process by which the government directs economic…

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India opted for planning because the economy at independence was damaged, poverty was widespread, and market forces alone could not be fully trusted to achieve development goals. Planning was needed t…

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Planning is organised use of resources for social welfare, it has a fixed time period, it requires a central planning authority, it covers all major sectors of the economy, it is based on conscious ch…

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M. Visvesvaraya made the first systematic attempt at economic planning in India in 1936 by publishing Planned Economy for India. He is known as the Father of Indian Planning.

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The National Planning Committee was set up by the Indian National Congress in 1938. Pt. Jawahar Lal Nehru was its Chairman. It was an important early step in organised planning in India.

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In 1943, eight leading industrialists of Bombay submitted the Bombay Plan. It was one of the important early proposals for India's economic development, though it was never implemented.

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The Planning Commission was established in March 1950, with the Prime Minister as its Chairman. Its main role was to assess the country's resources and formulate India's Five Year Plans.

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Planning objectives are long-term goals to be achieved over about 20 years and are common to all plans. They are also called perspective plan goals and include growth, modernisation, self-reliance, an…