Describe the acheivements and failures of economic planing in india
Answers
Some of the major achievements of planning in India are as follows:
Economic Growth: ...
Progress in Agriculture: ...
Industrial Growth: ...
Public Sector: ...
Infrastructure: ...
Education and Health Care: ...
Growth of Service Sector: ...
Savings and Investment:
Answer:
India has completed about six decades (1951-2008) of planning. During the Plan Period it has achieved success in some directions and failed in other areas. So, India’s experience during the Plan Period presents a mixed picture. Here, we present a broad overview of the success and failure of planning.
1. Achievements of Planning:
(i) Increase in National and Per Capita Incomes:
One of the basic objectives of economic planning in India is to increase national and per capita incomes. As a direct consequence of economic planning, India’s national and per capita income rose, though not as rapidly as the Plans projected. National income at 1999-2000 prices rose from Rs. 224,786 crores in 1950-51 to Rs. 3,114,452 crores in 2006-07, sharing a CARG of 4.8%.
On the other hand, the per capita income in real terms had increased at a much lower rate indicating that part of the increase in real national income had been eaten up by the growing population. During the same period PCI increased from Rs. 5,752 to Rs. 22,239, showing a CARG of 2.5%. There was quite some fluctuation in the growth rates over the entire Plan Period. This means that India did not achieve steady growth.