Question

Which of the following options incorrectly define economic planning?

• A. A process under which the set objectives of economic development are to be achieved in a determined period of time.
• B. A process under which the set objectives of economic development are to be achieved in a year.
• C. A process under which the set objectives of social development are to be achieved in a determined period of time.
• D. A process under which the set objectives of political development are to be achieved in a determined period of time.

Answer 1

Answer: (B), (C), (D)

A process under which the set objectives of political development are to be achieved in a determined period of time.

Economic planning is a process under which the set objectives of economic development are to be achieved in a determined period of time.

In India, this was done by the Planning Commission. The Planning Commission was set up in 1950 and put forth numerous Five-Year Plans with objectives like reduction in poverty and increase in agricultural and industrial development to increase economic development.