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From 1947 to 2017, the Indian economy was premised on the concept of planning. This was carried through the Five-Year Plans, developed, executed, and monitored by the Planning Commission (1951-2014) and the NITI Aayog (2015-2017). With the prime minister as the ex-officio chairman, the commission has a nominated deputy chairman, who holds the rank of a cabinet minister. Montek Singh Ahluwalia is the last deputy chairman of the commission (resigned on 26 May 2014). The Twelfth Plan completed its term in March 2017.[1] Prior to the Fourth Plan, the allocation of state resources was based on schematic patterns rather than a transparent and objective mechanism, which led to the adoption for the Gadgil formula in 1969. Revised versions of the formula have been used since then to determine the allocation of central assistance for state plans.[2] The new government led by Narendra Modi, elected in 2014, has announced the dissolution of the Planning Commission, and its replacement by a think tank called the NITI Aayog (an acronym for National Institution for Transforming India
An objective is a measurable step you take to achieve a strategy.” A goal is the purpose toward which we aim an endeavor. An objective, however, is something that our efforts or actions are intended to attain or accomplish. Objectives are measurable and tangible, while goals usually are not.
Remark, comment, note, observation imply giving special attention, an opinion, or a judgment. A remark is usually a casual and passing expression of opinion: a remark about a play. A comment expresses judgment or explains a particular point: a comment on the author's scholarship.
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Answer:
Five Year Plans of India
– Planning plays an important role in the smooth functioning of an economy. In 1950, the Government set up the Planning Commission to create, develop, and execute India’s five-year plans. In the article, we will look at each five year plan of India and how it helps achieve the basic objectives of growth, employment, self-reliance, and also social justice. Further, it also takes into account the new constraints and possibilities to make the necessary directional changes and emphasis.
Objectives of Five Year Plan of India
The objectives of these five-year plans were as follows:
Economic Growth
Economic Equity and Social Justice
Full Employment
Economic Self-Reliance
Modernisation
The First Five-year Plan was launched in 1951 which mainly focused in the development of the primary sector. The First Five-Year Plan was based on the Harrod–Domar model with few modifications