what is objective of economic planning in the india
Related: Indian Economy

Commerce Question

By Chandni Gupta · Jun 08, 2020 ·Commerce
3 Answers
Srishti Dutt answered Jun 08, 2020
(a) Economic Growth:

Attainment of higher rate of economic growth received topmost priority in almost all the Five Year Plans of the country. As the economy of the country was suffering from acute poverty thus by attaining a higher rate of economic growth eradication of poverty is possible and the standard of living of our people can be improved.

(b) Attaining Economic Equality and Social Justice:

Reduction of economic inequalities and eradication of poverty are the second group of objective of almost all the Five Year Plans of our country particularly since the Fourth Plan. Due to the faulty approach followed in the initial part of our planning, economic inequality widened and poverty became acute.

(c) Achieving Full Employment:

Five Year Plans of India gave importance on the subject to employment generation since the Third Plan. The generation of more employment opportunities was considered as an objective of both the Third and Fourth Plan of our country. But up to the Fourth Plan employment generation never received its due priority.

(d) Attaining Economic Self-Reliance:

One of the very important objectives of Indian Planning is to attain economic self-reliance. But this objective attained its importance only since the Fourth Plan, when the plan aimed at elimination of the import of food-grains under PL480. The Fifth Plan also laid much importance on the attainment of self-reliance.

(e) Modernisation of Various Sectors:

Another very important objective of Five Year Plans of our country was the modernisation of various sectors and more specifically the modernisation of agricultural and industrial sectors. The Fourth Plan laid much emphasis on the modernisation of agricultural sector and undertook a vigorous scheme for modernisation of agriculture in the name of Green Revolution. The successive plans also continued their efforts in the same direction but at a reduced rate.

(f) Redressing Imbalances in the Economy:

Regional disparities and imbalances in the economy have become so acute in India that it needed special attention in our Five Year Plans. Thus by regional development we mean economic development of all the regions by exploiting various natural and human resources and by increasing their per capita income and living standards.

Huzaifa Arthuna answered Jun 08, 2020
That's a correct answer

Tansukh B answered Jul 02, 2020
It refers to a system under which a central authority sets a set of targets and specifies a set of programs and policies to achieve those targets with in the specified period of time

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