Question

Which of the following is necessary to opt for economic planning in India?

• A. To break the vicious circle of property
• B. To build the social and economic infrastructure
• C. To increase capital formation
• D. All of these

Answer 1

The correct option is D All of these

Economic Planning is the making of major economic decisions. The principal reasons for planning in India are:

• Rapid Economic Development,
  
• Quick improvement in the standard of living,
  
• Removal of poverty,
  
• Rational allocation and efficient utilisation of resources,
  
• Increasing the rate of capital formation,
  
• Reduction in unequal distribution of income and wealth,
  
• Reduction of unemployment,
  
• Recognition of foreign trade,
  
• Regional balanced development.