4
Question
Essay type questions
Explain the objectives of economic planning in India.
Explain the objectives of economic planning in India.
Open in App
Solution
The following are the main objectives of economic planning in India:
i. Employment- An increase in the level of employment is a major long-term objective of economic planning in India. For this the emphasis must be on using labour intensive technologies, especially in rural areas. With greater employment opportunities the problem of poverty can also be effectively solved.
ii. Balanced Regional Growth- Economic growth and development should be equally spread across the country to reduce regional disparities. In this regard one of the major objectives is to develop the rural and backward areas.
iii. High Economic Growth- Achieving high economic growth is one of the basic objectives of economic planning in India. It is believed that it is only through rapid economic growth that various social and economic problems such as poverty, unemployment, inequality and economic stagnation could be effectively solved.
iv. Self -Reliance- Self-reliance implies consuming the products that are produced within the country. The country must reduce its dependence on imports and instead specialize on import substitution.
v. Stability- Stability implies the absence of frequent fluctuations in the price levels of an economy. In other words, stability implies that changes in the general price level should hover around a moderate rate. Thus, the Indian economy aims at achieving growth with stability by checking inflationary tendencies, exchange-rate volatility and removing demand-supply imbalance.
vi. To increase the rate of capital formation- Capital formation refers to the creation or development of capital assets, such as machinery, buildings, roads and bridges. Capital formation is necessary for the growth and development of every economy.
vii. Removing Poverty- Earlier it was believed that the benefits of growth would trickle down and, thereby, the poverty could be automatically reduced over a period of time. However, with poverty levels still remaining at a high level, the economic planning laid special emphasis on the removal poverty.
viii. Reduction in inequalities- One of the objectives of economic planning is to remove the inequalities in income and wealth so as to prevent the concentration of economic power. Reduction in inequalities is essential for overall growth of the country.
ix. Growth and development of agriculture and industry- Agriculture and industry forms the two basic sectors on which the majority of the population depends for employment and livelihood. Their growth and development should be emphasized for the overall growth and development of the country.
x. Social objectives- Various social objectives such as education, health, per capita income were also be given due emphasis.
i. Employment- An increase in the level of employment is a major long-term objective of economic planning in India. For this the emphasis must be on using labour intensive technologies, especially in rural areas. With greater employment opportunities the problem of poverty can also be effectively solved.
ii. Balanced Regional Growth- Economic growth and development should be equally spread across the country to reduce regional disparities. In this regard one of the major objectives is to develop the rural and backward areas.
iii. High Economic Growth- Achieving high economic growth is one of the basic objectives of economic planning in India. It is believed that it is only through rapid economic growth that various social and economic problems such as poverty, unemployment, inequality and economic stagnation could be effectively solved.
iv. Self -Reliance- Self-reliance implies consuming the products that are produced within the country. The country must reduce its dependence on imports and instead specialize on import substitution.
v. Stability- Stability implies the absence of frequent fluctuations in the price levels of an economy. In other words, stability implies that changes in the general price level should hover around a moderate rate. Thus, the Indian economy aims at achieving growth with stability by checking inflationary tendencies, exchange-rate volatility and removing demand-supply imbalance.
vi. To increase the rate of capital formation- Capital formation refers to the creation or development of capital assets, such as machinery, buildings, roads and bridges. Capital formation is necessary for the growth and development of every economy.
vii. Removing Poverty- Earlier it was believed that the benefits of growth would trickle down and, thereby, the poverty could be automatically reduced over a period of time. However, with poverty levels still remaining at a high level, the economic planning laid special emphasis on the removal poverty.
viii. Reduction in inequalities- One of the objectives of economic planning is to remove the inequalities in income and wealth so as to prevent the concentration of economic power. Reduction in inequalities is essential for overall growth of the country.
ix. Growth and development of agriculture and industry- Agriculture and industry forms the two basic sectors on which the majority of the population depends for employment and livelihood. Their growth and development should be emphasized for the overall growth and development of the country.
x. Social objectives- Various social objectives such as education, health, per capita income were also be given due emphasis.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
