What is Economic Planning? | Objectives of Economic Planning

Economic planning is technique, a means to an end being the realization of certain well defined objectives laid down by a central planning authority. So friends, in today's article we are going to know about the objectives of Economic Planning. So let's discuss in details.

What is Economic Planning? | Objectives of Economic Planning

Objectives of Economic Planning

India adopted the path of planned economic development on 1st April on 1951. The major objectives of Indian economic planning are mentioned below-

• Growth - The most important and primary objective of Indian five year plan is to achieve high economic growth rate. The high growth rate is determined by the growth of the national and per capita income.

• Modernization - Generally it refers to a structural and institutional changes in the frame work of economic activity. Another important objective of Indian planning is to attain modernization in the productive sectors.

• Self reliance - It means a reduction in the dependence on foreign assistance. Indian planning process always provides importance on this aspect. This objective transforms India into a self dependent nation.

• Social Justice - Every 5 year plan has been emphasizing the objective of planned growth with social justice. It implies improvement of living standards of the poor, alleviation of poverty and unemployment, reduction inequalities of income and wealth.

• Employment - Another major objective of Indian economic planning is to create gainful employment opportunity for the growing labour force of the country.

• Industrialization - Every five year plan has been providing a high priority to industrialization. This is because development of industries help in raising agricultural productivity and GDP (Gross Domestic Product) of the country.

• Human resource development - Another primary objective of Indian economic planning is to develop the human resources of the country. For this reason the plan gives importance on education and health care services.

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