Question

Write an How to Write an Essay on the Role of Planning in Indian Economy?

Answer 1

Economic planning is considered as the most systematic technique for redressing all economic ills. Various countries of the world have already experienced the successful implementation of economic planning in the mean time.

Eulogising this experience of economic planning in different countries of the world, India adopted economic planning in order to overcome various economic ills faced by the country during the middle-part of the twentieth century.

In India the first systematic attempt of economic planning was made in 1934 when M. Visvesyaryya published his book ‘Planned Economy for India’. Again in 1937, Indian National Congress set up the National Planning Committee with Pt. Jawaharlal Nehru as Chairman.

In the mean time 8 leading industrialists of Bombay (Mumbai) submitted the ‘Bombay Plan’ in 1943. Again Shri M.N. Roy also released simultaneously his ’10 year People’s Plan’. After that the National Planning Committee submitted its long awaited report in 1948.

The Government of India also set up a Department of Planning and Development in 1944 and it introduced short-term and long-term plans for restoration of normalcy after war and for economic reconstruction and development.

But in India the real beginning of Planning was made on March 1950 when the Indian Planning Commission was established. In July, 1951 the Commission submitted its draft outline of the First Five Year Plan to be effective from 1951-52 to 1955-56. In the mean time we have completed almost eleven Five Year Plans.