Explain the Economic planning in India?

1.	Explain the Economic planning in India?
Answer» Economic Planning in India: Consists of economic decisions, schemes formed to meet certain pre-determined economic objectives and a road map of directions to achieve specific goals within specific period of time. The idea of economic planning was strengthened during the Great Depression in 1930s. The outbreak of the World War II also required adequate and suitable planning of economic resources for the effective management after the effects of post war economy. After Independence, in 1948, a declaration of industrial policy was announced. The policy suggested the creation of a National Planning Commission and the elaboration of the policy of a mixed economic system.' On January 26, 1950, the Constitution came into force. In logical order, the Planning Commission was created on March 15, 1950 and the plan era began on April 1, 1951 with the launch of the first five year plan (1951-56). The evolution of planning in India.

Answer»

Economic Planning in India:

Consists of economic decisions, schemes formed to meet certain pre-determined economic objectives and a road map of directions to achieve specific goals within specific period of time.
The idea of economic planning was strengthened during the Great Depression in 1930s.
The outbreak of the World War II also required adequate and suitable planning of economic resources for the effective management after the effects of post war economy.
After Independence, in 1948, a declaration of industrial policy was announced.
The policy suggested the creation of a National Planning Commission and the elaboration of the policy of a mixed economic system.'
On January 26, 1950, the Constitution came into force.
In logical order, the Planning Commission was created on March 15, 1950 and the plan era began on April 1, 1951 with the launch of the first five year plan (1951-56). The evolution of planning in India.

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