Explain its utility in the field of economic planning
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The most cherished elements involved in a good plan are as under:(i) Definite Objective:The most significant characteristic of economic planning is that it should possess definite objectives. Planning means conscious anddeliberate undertaking for a definite objective. Forinstance, economic planning has the objective to accelerate the rate of growth, elimination oftrade cycles, bringing the stability and a attain full employment in the economy.
(ii) Central Planning Authority:The existence of a central planning authority is another feature of economic planning. This centralplanning authority is responsible to prepare different schemes of development and coordinating the various activities. Thecentral planning authority takes all decisions relating to production and consumption in an economy.
(iii) Democratic Character:Another pioneer feature is its democratic nature. No doubt, various plans are prepared byexperts but at the same time, adequate opportunities are provided to the people to actively participate at various levels. Being federal structure of Indian Constitution, the Union Government only uses its fiscal, monetary and physical controls to guide and give direction in consequence with thefive year plans.
(iv) Only an Advisory Role of Planning Commission:In the decentralized set up of planning. Planning Commissionis the apex body. It provides the necessary perspective, guidanceand coordination. Furthermore, it servesas a close link between different agencies so that functioning may be smooth. In this regard, Planning Commission is an advisory character.
(iii) Democratic Character:Another pioneer feature is its democratic nature. No doubt, various plans are prepared byexperts but at the same time, adequate opportunities are provided to the people to actively participate at various levels. Being federal structure of Indian Constitution, the Union Government only uses its fiscal, monetary and physical controls to guide and give direction in consequence with thefive year plans.
(ii) Central Planning Authority:The existence of a central planning authority is another feature of economic planning. This centralplanning authority is responsible to prepare different schemes of development and coordinating the various activities. Thecentral planning authority takes all decisions relating to production and consumption in an economy.
(iii) Democratic Character:Another pioneer feature is its democratic nature. No doubt, various plans are prepared byexperts but at the same time, adequate opportunities are provided to the people to actively participate at various levels. Being federal structure of Indian Constitution, the Union Government only uses its fiscal, monetary and physical controls to guide and give direction in consequence with thefive year plans.
(iv) Only an Advisory Role of Planning Commission:In the decentralized set up of planning. Planning Commissionis the apex body. It provides the necessary perspective, guidanceand coordination. Furthermore, it servesas a close link between different agencies so that functioning may be smooth. In this regard, Planning Commission is an advisory character.
(iii) Democratic Character:Another pioneer feature is its democratic nature. No doubt, various plans are prepared byexperts but at the same time, adequate opportunities are provided to the people to actively participate at various levels. Being federal structure of Indian Constitution, the Union Government only uses its fiscal, monetary and physical controls to guide and give direction in consequence with thefive year plans.
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