UPSC Exam > UPSC Videos > Indian Economy for UPSC CSE > Economic Planning - 2
Economic Planning - 2 Video Lecture | Indian Economy for UPSC CSE
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FAQs on Economic Planning - 2 Video Lecture - Indian Economy for UPSC CSE
| 1. What is economic planning? |  |
Ans. Economic planning refers to the process of setting goals, making decisions, and implementing policies to achieve those goals in an economy. It involves determining the allocation of resources, such as labor, capital, and natural resources, to various sectors and industries in order to promote economic growth and development.
| 2. What are the main objectives of economic planning? | |
Ans. The main objectives of economic planning are to promote economic stability, reduce poverty and inequality, achieve sustainable development, and improve the overall welfare of the population. It aims to coordinate and allocate resources efficiently, enhance productivity, and ensure equitable distribution of income and wealth.
| 3. What are the different types of economic planning? | |
Ans. There are various types of economic planning, including centralized planning, indicative planning, and market-oriented planning. Centralized planning involves the government making all economic decisions and controlling the allocation of resources. Indicative planning provides guidelines and targets for the private sector to follow, while market-oriented planning combines market mechanisms with government interventions to achieve desired outcomes.
| 4. How does economic planning impact a country's economy? | |
Ans. Economic planning can have significant impacts on a country's economy. It can help in achieving higher economic growth rates, reducing income disparities, and promoting industrialization and infrastructure development. Effective planning can also contribute to improved resource allocation, increased employment opportunities, and enhanced competitiveness in the global market.
| 5. What are the challenges and criticisms of economic planning? | |
Ans. Some of the challenges and criticisms of economic planning include the difficulty of accurately predicting and forecasting economic variables, the potential for bureaucratic inefficiencies and corruption, limited flexibility in responding to changing market conditions, and the potential for stifling innovation and entrepreneurship. Critics argue that excessive government intervention and control can lead to distorted prices, reduced incentives for productivity, and limited individual freedoms.
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Nov 22, 2024 Last updated |
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