Question

II.
Fill in the blanks.
1. Government intervention is necessary for a
2. National Policy on Education addresses the needs of the ......
3. Social planning comes under the
4. Indicators of economic development is when the benefits of progress
5. India adopted the Five Year Plans from .....​

Answer 1

Answer:

1) Government intervention is necessary to redistribute income within society. Diminishing marginal returns to income. The law of diminishing returns states that as income increases, there is a diminishing marginal utility. ... Therefore, redistributing income can lead to a net welfare gain for society

2) The National Policy on Education (NPE) is a policy formulated by the Government of India to promote education amongst India's people. The policy covers elementary education to colleges in both rural and urban India. The first NPE was promulgated by the Government of India by Prime Minister Indira Gandhi in 1968, the second by Prime Minister Rajiv Gandhi in 1986, and the third by Prime Minister Narendra Modi in 2020.[1]

3) Economic and social planning is enlisted in the Concurrent List under the Seventh Schedule of the Constitution of India, which form the joint domain of both the State Governments and the Union territories of India as well as the Central Government of India.

4) Economic development is the process of improving economic welfare in an economy. Economic development can involve a stronger economy enabling a greater range of social services that improve a nation’s welfare. For example, an undeveloped economy will be primarily based on agriculture and very limited social services such as health care and education. Economic development involves an increase in real incomes, higher life expectancy, lower poverty and a greater provision of basic amenities.

5) Five-Year Plans were a formal model of planning adopted by the Indian government after Independence, for an effective and balanced utilisation of resources. They were formulated by the Planning Commission of India, which was established on 15 March 1950.