Question

What is meant by economic planning? Explain briefly the development of economic planning in India.

Answer 1

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Economic Planning in India- Definitions of Economic Planning

Economic Planning in India- Definitions of Economic PlanningProfessor Robbins defines economic planning as “collective control or supervision of private activities of production and exchange.” To Hayek, planning means, “the direction of productive activity by a central authority”.

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Answer 2

Answer:

Economic Planning in India- Definitions of Economic Planning

Professor Robbins defines economic planning as “collective control or supervision of private activities of production and exchange.

To Hayek, planning means, “the direction of productive activity by a central authority”.

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