What is the need of planning for economic development of India?
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1. Economic Development:
The main objective of Indian planning is to achieve the goal of economic development economic development is necessary for under developed countries because they can solve the problems of general poverty, unemployment and backwardness through it.
Economic development is concerned with the increase in per capita income and causes behind this increase.
In order to calculate the economic development of a country, we should take into consideration not only increase in its total production capacity and consumption but also increase in its population. Economic development refers to the raising of the people from inhuman elements like poverty unemployment and ill heath etc.
The main objective of Indian planning is to achieve the goal of economic development economic development is necessary for under developed countries because they can solve the problems of general poverty, unemployment and backwardness through it.
Economic development is concerned with the increase in per capita income and causes behind this increase.
In order to calculate the economic development of a country, we should take into consideration not only increase in its total production capacity and consumption but also increase in its population. Economic development refers to the raising of the people from inhuman elements like poverty unemployment and ill heath etc.
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The need for planning for economic development is very important to create and maintain a functional local economy.
Explanation:
- Economic development is crucial because, with an increase in population and demand of a country, the economy of the country has to go hand in hand.
- The economic development plan focuses on giving an overview of the economy and identify strategies and programs which aim towards the betterment of the economy.
- Central government plays a vital role in creating these economic development plans.
- Planning for economic development makes use of a country’s resources in an optimum manner and most importantly it accelerates capital formation.
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