What were the weaknesses of the free market-based economy of capitalism, according to the text?

Mass unemployment, poverty, inequalities of income.

Efficient resource allocation, wealth accumulation, income equality.

Social welfare, equal opportunities, economic growth.

Planning, socialism, government intervention.

What event led to the popularity of the concept of planning after the economic depression of 1930?

Success of free market economy.

Introduction of Laissez-faire economy.

What are the dimensions of Indian planning mentioned in the text?

Economic growth, self-reliance, reduction of unemployment.

Income inequalities, elimination of poverty, modernization.

Economic growth, self-reliance, reduction of unemployment, income inequalities, elimination of poverty, modernization.

What was the main long-term objective of Indian planning in terms of economic growth?

Achieving 5 percent growth in national income.

Achieving 3 percent growth in per capita income.

Achieving 6 percent growth in national income.

Achieving 2 percent growth in per capita income.

What is self-reliance, and why was it considered an imperative goal of planning in India?

Dependence on foreign countries, to reduce vulnerability.

Dependence on foreign aid, to increase vulnerability.

Dependence on private sector, to reduce government control.

Dependence on foreign technology, to increase vulnerability.

What does the concept of modernization imply, and how has it been narrowed down in the Seventh Plan?

Technological advances; narrowed down to increased use of fertilizer.

Structural changes; narrowed down to technological advances.

Institutional changes; narrowed down to advancement of technology.

Social justice; narrowed down to changes in consumption pattern.

What is the objective of reducing income inequalities, and what has been a challenge in achieving this objective?

To promote economic growth; challenges include regressive tax structure.

To ensure social justice; challenges include effective land reforms.

To encourage self-reliance; challenges include dependence on foreign technology.

To eliminate poverty; challenges include inflation.

What are the criticisms of the Indian planning process mentioned in the text?

Strong plan modeling, realistic targets.

Weaknesses in planning and market role, undue importance to investment.

Adequate instruments for meeting targets, effective link between priorities and policies.

Strong financial strategy, flawless industrial strategy.

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