Flashcards on Indian Economy: Economic Planning in India
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What is economic planning?
Economic planning refers to the process of setting long-term goals and objectives for the development of an economy.
When did economic planning start in India?
Economic planning in India started in the year 1951 with the launch of the First Five-Year Plan.
Who is responsible for economic planning in India?
In India, the responsibility for economic planning lies with the NITI Aayog (National Institution for Transforming India).
What are the objectives of economic planning in India?
The objectives of economic planning in India include achieving rapid economic growth, reducing poverty, and improving the standard of living.
What are the different Five-Year Plans in India?
India has had 13 Five-Year Plans so far, with the 13th plan being for the period 2017-2022.
What is the significance of economic planning in India?
Economic planning helps in the allocation of resources, promotes balanced growth, and ensures social welfare.
What are the challenges of economic planning in India?
Some challenges of economic planning in India include population growth, regional imbalances, and infrastructural constraints.
What is the role of the Planning Commission in economic planning?
The Planning Commission played a key role in formulating and implementing Five-Year Plans in India till its dissolution in 2014.
What is the current approach to economic planning in India?
Since the dissolution of the Planning Commission, India follows a decentralized approach to economic planning through NITI Aayog.
What is the duration of a Five-Year Plan in India?
A Five-Year Plan in India covers a period of five years, as the name suggests.
What is the role of public sector enterprises in economic planning?
Public sector enterprises play a significant role in economic planning by promoting industrial development and generating employment.
What are the key sectors focused on in economic planning?
Key sectors focused on in economic planning include agriculture, industry, infrastructure, and social development.
How does economic planning contribute to sustainable development?
Economic planning considers environmental concerns and aims to achieve sustainable development by balancing economic growth with ecological conservation.
What is the importance of monitoring and evaluation in economic planning?
Monitoring and evaluation help assess the progress and effectiveness of economic planning measures, facilitating necessary modifications.
How does economic planning impact the standard of living in India?
Economic planning aims to improve the standard of living by promoting inclusive growth, creating employment opportunities, and addressing socio-economic disparities.