Economic Planning : Economic planning implies the method in which central planning officials implement economic programmes and policies to achieve preplanned objectives within a definite time period keeping in mind the resources of the country.
According to Planning Commission : “Economic Planning is providing the means according to the priorities on the development of country”.
Development of Economic Planning In India :
1. A 10-year plan was made in 1934 for the first time by Sir. M.Visvesvaraya. He has described Economic planning in his book “Planned Economy for India”. That is why he is also called the Father of Indian Planning.
2. In 1944, eight industrialists from Mumbai came together and prepared a 15 year “Bombay Plan” which was also called “Tata Birla Plan.”
3. Apart from this, revolutionary leader M.N.Roy created the Jana Yojana in 1944, and socialist leader Jai prakash Narayan put forth the ‘Sarvodaya Plan’ in 1950.
4. National Planning committee was started under Jawahar lal Nehru in 193 8.
5. In order to take India ahead on the path of development after independence, ‘Planning Commission’ was formed in India in 1950. Five-year plans were formed after evaluating the natural and physical resources available in the country.
6. In Indian planning, along with the forth coming five-year objectives, long-term objectives were also fixed for twenty years. This long-term plan is also known as Perspective Plan.
