class 12 Indian economic question what is economic planning
Answers
Answer:
Economic Planning: Means utilisation of country's resources in different development activities in accordance with national priorities. B. Self reliance – Reducing dependence on imports. ... Economic Growth – Increase in the aggregate output of Goods & services
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Answer:
Explanation: Economic planning means planned co – ordination and utilisation of available resources in an economy to achieve certain pre – specified social and economic objectives in a time bound programme.
In 1950, Planning Commission was set up under the chairmanship of Jawaharlal Nehru, the then and the first Prime Minister of Independent India.
“ Economic Planning means utilisation of country’s resources into different development activities in accordance with national priorities” , states Planning Commission.
The Industrial Policy Resolution of 1948 and the Directive Principles of the Indian Constitution assigned a leading role to the public sector in development of the economy.
OBJECTIVE OF Planning in India :-
1. Modernisation :- it refers to adoption of new technology, new methods of production and changes in social outlook. The basic aim of modernisation is to development in science and technology. For example, adoption of high yields variety of seeds, gender empowerment, etc. Modernisation as an objective implies the use of advanced technology. Advanced technology requires less labour per unit of output. Thus, modernisation creates unemployment. Modernisation in agricultural sector refers to use of chemical fertilizers and use of advanced tools and techniques for increase in productivity in agricultural sector. And Modernisation in industrial sector refers to use of modern machinery to increase the productivity.
2. Self –Reliance:- Self – reliance means reducing dependence on imports. Goods which are imported from other countries should be produced within the domestic territory of the country. With the help of self reliance we can restrict the outflow of foreign capital. Every country wants to achieve self – reliance since dependence on imports for necessary goods invites foreign interference in domestic policies. India wanted to be self – reliant, which means it wants:
a. Self – sufficiency in food grains.
b. Fall in foreign aid and reduced dependence on imports which is possible when there is growth in domestic production.
c. Rise in exports.
d. Rise in contribution of industries in gross domestic product (GDP).
3. Economic Growth :- Economic growth is an increase in the aggregate output of goods and services in a country in a given period of time.
Economic growth implies a sustained expansion in economic activities – trade, agriculture, industry, etc – over a long period of time. when an economy attains such a stage of growth, it does not require the assistance of external agencies.
The indicator of economic growth is GDP. GDP is the market value of all goods and services produced in the country in one year. The contribution made by each sector of an economy gives the structural composition of an economy.
4. Equity :- Equity refers to reduction in inequality of income or wealth, uplifting weaker sections of the society and a more even distribution of economic power. The socialist pattern of our society aims at raising the standard of living of all people and promoting social justice by reducing inequalities of income and wealth. Equitable distribution income and wealth is justifiable because difference in the income as per the persons knowledge ,skill and education. Its main aim to reduce regional disparities and imbalances for overall growth and development of the country.
Equal and equity are two different aspects equal means same for all which is unjustifiable but equity means difference in income and wealth as per skill and knowledge.