Salient features of india's five year plans
Answers
After independence, India faced an important choice, to opt either for capitalism or socialism. Finally, India inspired by the success of planning in the Soviet Union, opted for socialism. Under the socialist system, India undertook comprehensive planning for the nation as a whole. The public sector laid down the basic economic framework and undertook the responsibility to develop the core and basic industries so that the private sector can be encouraged at the later stage of the economic development. The origin of Central Planning in India can be traced way back to the year 1950, with the establishment of the Planning Commission, under the chairmanship of the then Prime Minister. The Planning Commission was assigned the task of formulating the plans as per the pre-determined targets to overcome the major economic hurdles such as, poverty, illiteracy, economic growth and development. Since 1950, the Planning Commission frames the plans at the interval of every five year, thereby known as Five Year Plans.
Answer:
After independence, India faced an important choice, to opt either for capitalism or socialism. Finally, India inspired by the success of planning in the Soviet Union, opted for socialism. Under the socialist system, India undertook comprehensive planning for the nation as a whole. The public sector laid down the basic economic framework and undertook the responsibility to develop the core and basic industries so that the private sector can be encouraged at the later stage of the economic development. The origin of Central Planning in India can be traced way back to the year 1950, with the establishment of the Planning Commission, under the chairmanship of the then Prime Minister. The Planning Commission was assigned the task of formulating the plans as per the pre-determined targets to overcome the major economic hurdles such as, poverty, illiteracy, economic growth and development. Since 1950, the Planning Commission frames the plans at the interval of every five year, thereby known as Five Year Plans.