Aspects of Economic Planning in Context of Indian Economy

The economy of India has witnessed high economic performance since the initiation of economic or development planning. However, this high economic growth came, undoubtedly, with many other severe problems such as unemployment, inequality, poverty and so on. This study examines the process, aspects and scope of development planning in developing countries with special reference to Indian economy and aims at identifying and analyzing various achievements and short-comings of economic planning in India since 1950. This study uses the time period starting from the First Five Year Plan (1951-1956) to the Twelfth Five Year Plan (2012-2017) and it seems that Planning in India need to improve its techniques and adjust its methods according to the requirements of the economy so that a balanced development can take place.

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Categories: July 2014