Economic Planning in India

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In this post we shall discuss about Indian Economy. Especially the Planning commission of India and Five Year Plans.These topics are very important for all Bank Exams. The Soviet Union is the 1st country in the world to adopt Planning. Latter in 1934 M. Visvesvaraya wrote "Planned Economy of India". He is the first to introduce "Planning" concept in India. Lets have a look at some important points about the Economic Planning in India.
  • 1938 : National Planning Committee under Jawaharlal Nehru.
  • 1943 : Bombay Plan : Drafted by 8 big industrialists.
  • 1944 : Gandhian Plan : Srimannarayan Agarwal.
  • 1945 Apr 15 : People's Plan : M.N.Roy
  • 1946 : Planning and Development Department constituted.
  • Jan 1950 : Sarvodaya Plan by Jayaprakash Narayan.
  • 1950 Mar 15th : Planning Commission constituted as per Art.39 of Directive Principles of State Policy of our constitution.
  • Planning Commission is an Advisory Body, not a Statutory Body.
  • Planning Commission's Chairman : Prime Minister (Dr. Manmohan Singh), Dy. Chairman : Montek Singh Ahluwalia. 
    • Arun Maria was appointed as 8th member, planning commission on 22-07-2009. 
    • Montek Singh Ahluwalia is the 1st one to become Dy. Chairman 2 Time.
  • 1952 Aug 6th : National Development Council constituted.
  • 1st Deputy Chairman, Planning Commission : V.T. Krishnamachary.
  • Vakil and Brahmananda gave priority to wage goods sector.
  • Objectives of Planning : Increase in National Income (NI) and Per Capita Income (PCI), full employment, poverty eradication via rapid economic groth, reduction of inequalities of income and wealth, socialistic pattern of society and absence of exploitation, reduction of regional inequalities, self-reliance.
Thats all for now Friends. Click Here to Read about Five Year Plans in India. Happy Reading :)