Question

Define Economic Planning. Name any two aims of it.

Answer 1

Any national economy is built up of several sectors broadly categorized as, for example, heavy industry, manufacture of goods, production of food, the supply of services, tourism, etc. All generate wealth in some form and compete for resources in order to do so. A National Economic Plan will analyse the country's objectives and priorities in relation to all these sectors in response to well-identified national needs. It will propose and justify an overall plan in which the role of individual sectors, including aquaculture as a source of food, can be seen in context.

Two important aims of the economic planning are:

1. Economic Development:

The main objective of Indian planning is to achieve the goal of economic development. Economic development is concerned with the increase in per capita income and causes behind this increase.

2. Increase Employment:

Another objective of the plans is better utilization of manpower resource and increasing employment opportunities. Measures have been taken to provide employment to millions of people during plans.