What do you mean by economic planning? Explain the objectives and targets of 12th five year plan?
Answers
https://goo.gl/search/economic+planning+in+india
Economic Planning in India - Economics Study Material & Notes Economic Planning is a term used to describe the long term plans of government to co-ordinate and develop the economy with efficient use of resources. Economic planning in India was stared in 1950 after independence, it was deemed necessary for economic development and growth of the nation.
hyy mates
India was left with crippling economy when the British left. After Independence, India needed well planned strategies to sustain and grow the economy and compete with other developing countries.
In 1947 a committee on economic planning was formed under the chairmanship of Pundit J. L. Nehru, which suggested the plan to constitute a Planning Commission. On March 1950, The Planning Commission was set up by a Resolution of the Government of India to promote economic growth, efficient exploitation of country`s resources and increasing business and employment opportunities.
Five year plans Year Target growth rate of GDP (%) Target Achieved (%)
First plan 1951-56 2.1 3.6
Second plan 1956-61 4.5 4.21
Third plan 1961-66 5.6 2.72
Fourth plan 1969-74 5.7 2.05
Fifth plan 1974-79 4.4 4.83
Sixth plan 1980-85 5.2 5.54
Seventh plan 1985-90 5.0 6.02
Eight plan 1992-97 5.6 6.68
Ninth Plan 1997-02 6.5 5.55
Tenth plan 2002-07 8.0 7.8
Eleventh plan 2007-12 9.0 7.9
Twelfth plan 2012-17 8.0 –
On 4th October, the government of India approved the 12th five year plan (2012-17) that aims to achieve annual average economic growth rate of 8.2 per cent, down from 9 per cent (Eleventh plan 2007-12).
The aim of the 12th Five Year plan is to achieve “faster, sustainable and more inclusive growth”. For this purpose it seeks to achieve 4% growth in agriculture sector and 10% in manufacturing sector. The total budget of 12th Five Year plan has been estimated at Rs.47.7 lakh crore which is 135 per cent more than that for the 11th Five year Plan (2007-12).
The 12th Five Year Plan presents three scenarios:
Strong Inclusive Growth 8% growth in GDP
Insufficient Action 6% to 6.5% growth in GDP
Policy logjam 5% to 5.5% growth in GDP
Broad Objectives of 12th Five Year Plan
To reduce poverty
To improve regional equality across states and within states
To improve living conditions for SCs, STs, OBCs, Minorities
To generate attractive employment opportunities for Indian youth
To eliminate gender gaps
12th Five Year Plan lists various growth indicators as follows:
It aims at average GDP growth rate of 8%
It seeks to achieve 4% growth in agricultural sector
It aims at reducing head-count poverty by 10%
It aims at generating 50 million work opportunities in non-farm sector and providing skill certifications
It aims at eliminating gender and social gap in education
Reducing Infant Mortality Rate (IMR) to 25, Merternal Mortality Rate (MMR) to 100 and Total Fertility Rate (TFR) to 2.1
Increasing infrastructure investment to 9% of GDP
Achieving universal road connectivity and access to power for all villages
Provision of banking services for 90% households
Major welfare benefits and subsidies via Aadhaar card
Secondary Education for all by 2017
Increase public spending from 1% (11th plan) to 2.5% of GDP by the end of 12th
Development of a National Action Plan for Climate Change to achieve target of 20% to 25% reduction in emission levels by 2020
Getting 5 Indian universities in the list of top 200 universities in the world
For the purpose of providing electricity to households it aims at addition of 88,000 MW electricity generation capacity and 55,000 MW of renewable energy capacity.
mark me as brainliest