Economic Planning in India: A Complete Overview | PAPER I – INDIAN ECONOMY & INDIAN FINANCIAL SYSTEM | MODULE A: INDIAN ECONOMIC ARCHITECTURE
Economic Planning in India: A Complete Overview What is Economic Planning? Economic Planning refers to the strategic allocation of a country’s resources to achieve defined goals like growth, equity, and modernization. In India, it involved the government creating five-year plans to guide investments and policy decisions across key sectors. History of Economic Planning in India Started in 1951 with the First Five-Year Plan . Led by the Planning Commission , focusing initially on agriculture and public sector enterprises. Shifted towards liberalization and market reforms in the 1990s. In 2015 , the Planning Commission was replaced by NITI Aayog , emphasizing a bottom-up and cooperative planning approach with states. Objectives of Economic Planning Economic Growth – Boost national income and productivity. Poverty Eradication – Provide employment and improve living standards. Self-Reliance – Reduce dependence on foreign goods and ai...