Planning is that technique in which resources are utilized and allocated as per the priorities to achieve the objectives. This technique can be used by a nation in achieving the set objective of various sectors like family planning, financial planning etc., when technique of planning is used for economic development or to achieve desired economic objective then, it is called as economic planning.
For the first time this technique was adopted by Soviet Union. Soviet Union in 1928 declared central planning and adopted the path of economic development by the way of five year planning.
