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Mind Map: Economic Planning | Indian Economy for UPSC CSE

The document Mind Map: Economic Planning | Indian Economy for UPSC CSE is a part of the UPSC Course Indian Economy for UPSC CSE.
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FAQs on Mind Map: Economic Planning - Indian Economy for UPSC CSE

1. What is economic planning and why is it important for a country?
Ans.Economic planning refers to the systematic and deliberate efforts by a government to influence and guide the economy towards achieving specific objectives, such as growth, stability, and equitable distribution of resources. It is important because it helps in setting priorities, allocating resources efficiently, and addressing socio-economic issues, thereby fostering sustainable development.
2. What are the main types of economic planning?
Ans.The main types of economic planning include indicative planning, where the government provides guidelines and expectations for the economy without strict controls; directive planning, which involves direct government control over economic activities; and strategic planning, focusing on long-term goals and frameworks to guide economic development. Each type serves different purposes depending on the economic context and objectives.
3. How does economic planning contribute to poverty alleviation?
Ans.Economic planning contributes to poverty alleviation by identifying key sectors for investment, prioritizing social welfare programs, and implementing policies aimed at job creation and income distribution. By focusing on equitable growth and providing necessary infrastructure and services, economic planning helps lift marginalized communities out of poverty and improve their living standards.
4. What are some challenges faced in economic planning?
Ans.Some challenges faced in economic planning include inadequate data for informed decision-making, resistance to change from various stakeholders, political instability, and external economic shocks. Additionally, ensuring that plans are flexible enough to adapt to changing circumstances while being robust enough to provide clear guidance is a significant challenge in the planning process.
5. How has economic planning evolved over time?
Ans.Economic planning has evolved from central planning approaches used in socialist economies to more market-oriented strategies that incorporate elements of free market principles. This shift has been influenced by globalization, technological advancements, and changing political ideologies, leading to a more diverse set of planning frameworks that aim to balance government intervention with market forces.
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