what are the objectives of the India economy
Answers
Answer:
The six major objectives of planning in India, i.e., (a) Economic Growth, (b) Attaining Economic Equality and Social Justice, (c) Achieving Full Employment, (d) Attaining Economic Self-Reliance, (e) Modernisation of Various Sectors, and (f) Redressing Imbalances in the Economy.
(a) Economic Growth:
Attainment of higher rate of economic growth received topmost priority in almost all the Five Year Plans of the country. As the economy of the country was suffering from acute poverty thus by attaining a higher rate of economic growth eradication of poverty is possible and the standard of living of our people can be improved.
The First Plan envisaged a target of 11 per cent increase in national income against which 18 per cent growth in national income was achieved. The Second, Third and Fourth Plan envisaged targets for annual growth rate of 5 per cent. 5.6 per cent and 5.7 per cent respectively against which the achievements were 4 per cent, 2.6 per cent and 3.4 per cent respectively.
(b) Attaining Economic Equality and Social Justice:
Reduction of economic inequalities and eradication of poverty are the second group of objective of almost all the Five Year Plans of our country particularly since the Fourth Plan. Due to the faulty approach followed in the initial part of our planning, economic inequality widened and poverty became acute.
Under such a situation, the Fifth Plan adopted the slogan of ‘Garibi Hatao’ for the first time. The Seventh Plan document shows that nearly 37.4 per cent of the total population of our country was lying below the poverty line and the plan aimed to reduce this percentage of 29.2 per cent by 1990.
(c) Achieving Full Employment:
Five Year Plans of India gave importance on the subject to employment generation since the Third Plan. The generation of more employment opportunities was considered as an objective of both the Third and Fourth Plan of our country. But up to the Fourth Plan employment generation never received its due priority.
The Fifth Plan in its employment policy laid special emphasis in absorbing increments in labour force during this Fifth Plan Period. The Sixth Plan accorded much importance on the reduction of incidence on unemployment. It has been estimated that the employment will grow at the rate of 4.17 per cent per annum as against the annual growth of labour force at 2.54 per cent.
To make GDP of India stablilised and also to spend for development of society including many social reasons like improving infrastructure etc