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The process of planning of Indian Economy is
1. An open process
2. A closed process
3. An open or closed process depending on the plan
4. Very difficult to state

1 Answer

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Correct Answer - Option 1 : An open process

The correct answer is An open process.

  • The process of planning of Indian Economy is an open process. 
  • Economic planning refers to the path of actions in terms of policy measures to be followed in the future, in the pursuance of pre-determined objectives.
  • Planning Commission (now NITI Aayog) defines economic planning as the utilization of a country’s resources for developmental activities under national priorities. It is a consciously and judiciously carried out process for optimum utilization of existing resources to fulfill some well-defined objectives.
  • Objectives of Planning
    • A high rate of growth to improve the standard of living.
    • Modernization of the economy in terms of adoption of new technologies and social outlook.

  • Planning Commission was replaced by a new institution – NITI AAYYOG on January 1, 2015, with emphasis on the ‘Bottom –Up’ approach to envisage the vision of Maximum Governance, Minimum Government, echoing the spirit of ‘Cooperative Federalism.
  • NITI Aayog

    Planning Commission

    It serves as an advisory Think Tank.

    It served as an extra-constitutional body.

    It draws membership from wider expertise.

    It had limited expertise.

    It serves in the spirit of Cooperative Federalism as states are equal partners.

    States participated as spectators in annual plan meetings.

    Secretaries to be known as CEO appointed by Prime- Minister.

    Secretaries were appointed through the usual process.

    It focuses upon the ‘Bottom-Up’ approach of Planning.

    It followed a ‘Top-Down’ approach.

    It does not possess a mandate to impose policies.

    Imposed policies on states and tied allocation of funds with projects it approved.

    It does not have powers to allocate funds, which are vested in Finance Minister.

    It had powers to allocate funds to ministries and state governments.

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