1. what do you understand by economic planning in india?
Economic planning in india started in 1947 with consideration of capitalistic and solialistic models and came with new concept Mixed economy, growth ensured. The Economic Planning in India was a big challenge for our leaders, they were facing a big task how to construct the economy, 20% of people were controlling 80% of resources, so the point was how to make Independence meaningful to the masses because unless and until the financial empowerment, all empowerment is meaningless or shallow. The main challenge was how to reconstruct economy, how to equalize distribution of resources among people, at the time of Independence all sectors were shattered, none of the sectors were in shape, problem was with adaptation of model, then our National leaders look around various models, like there were so many countries earlier were colonies like USA under British, but in 1947 these countries were developed, so our National leaders thought that if it is possible to implement model which has implemented by these countries so that we can ensure better life style and can eradicate poverty, unemployment from our country. we started looking various models and then we were consented that no 2 models ever be the same, plans are designed by specific requirements of the country. Continue reading
economic planning in India, Indian economy