Write short notes on the Planning commission of India. Explain in details its mixed economy model. (pls answer fast it is urgent)
Answers
Answer:
A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise.[1][2][3][4] While there is no single definition of a mixed economy, one definition is about a mixture of markets with state interventionism, referring specifically to a capitalist market economy with strong regulatory oversight and extensive interventions into markets. Another is that of an active collaboration of capitalist and socialist visions.[5] Yet another definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise.[6] Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic framework of public ownership. This can extend to a Soviet-type planned economy that has been reformed to incorporate a greater role for markets in the allocation of factors of production.[7]
Answer:
Planning Commission of India was an organization in the Government of India, which formulated India’s Five-Year Plans, among other functions. The planning commission was charged with the service of the opportunities to all for employment in the service of the community.
The Planning Commission was reporting directly to the Prime Minister of India. It was established on 15 March 1950, with Prime Minister Jawaharlal Nehru as the chairman. The Planning Commission did not derive its creation from either the Constitution or statute but was an arm of the Central/Union Government.
The Planning Commission was set up by a Resolution of the Government of India in March 1950. The prime objectives of the Government were to propel a rapid increase in the living standard of Indians by the productive exploitation of the country’s resources, raising production and securing opportunities for everyone for employment in the service of society. The Planning Commission was assigned the responsibility of assessing all the resources of the country, enhancing scarce resources, drafting plans for the most productive and balanced usage of resources and ascertaining priorities. Pandit Nehru was the first Chairman of the Planning Commission.