explain the success and failure planning of India .
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Answers
Increase in National Income
Five year plans are able to increase the nation income level form a stagnant position at the time of independence.
Increase in Per Capita Income
Increase in national income resulted in increase of per capita income.
Increase in Rate of Capital Formation
Capital formation is a key factor of economic growth. It depends on saving and investment. During Five Year Plans, there has been a considerable increase in the rate of saving and investment. It was around 35% by 2010-11.
Growth of Agricultural Sector
Both crop productivity and crop production have shown a substantial rise in India. From the net importer of foodgrains, India became net exporter.
Development of Industries
There has been a substantial improvement of the capital goods industry including iron and steel, machinery, chemical fertilisers, etc.
Development of Economic Infrastructure
Five-year plans laid the foundation for development of economic infrastructure which include transportation, power generation, communication etc.
Development of Social Infrastructure
Social infrastructure includes such services as education, health facilities, etc. In this area also, five year plans able to achieve desired success.
Other areas of achievements are in increased employment, modernisation of the society and achieving self-sufficiency.
Failures of Economic Planning
Following observations highlight failures of planning in India:
No Substantial Increase in the Standard of Living
- Rise in Prices
- Increase in Unemployment
- Inadequate Increase in Production
- Inadequate Development of Infrastructure
- Inefficient Administration
- High Capital Output Ratio
Answer:
India has completed eleven plans and twelfth is underway. The 65 years of planning in India has a mixed result. Sometimes targets have been realised while some other times we only shared disappointment and despair
Achievements of Five Year Plans
Increase in National Income
Five year plans are able to increase the nation income level form a stagnant position at the time of independence.
Increase in Per Capita Income
Increase in national income resulted in increase of per capita income.
Increase in Rate of Capital Formation
Capital formation is a key factor of economic growth. It depends on saving and investment. During Five Year Plans, there has been a considerable increase in the rate of saving and investment. It was around 35% by 2010-11.
Growth of Agricultural Sector
Both crop productivity and crop production have shown a substantial rise in India. From the net importer of foodgrains, India became net exporter.
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