Economic planning is defined as "the making of major economic decision- what and how much is to be produced, how, when and where it is to be produced and to whom it is to be allocated by the Conscious decision of a determinate authority on the basis of comprehensive survey of the economic system as a whole. "
The government has to prepare and implement a comprehensive economic plan integrating the private sector with the public sector. it is for this reason that India have been economically planning. since 1951 when the first five year plan was launched.
objectives of economic planning
- securing and increase in national income
- self Reliance
- full employment
- removal of poverty
- modernization
- increase production to the maximum possible extent so as to achieve a higher level of national and per capita income
- economic growth
- set up a socialist society
- providing additional employment
- reducing inequality in distribution of income and wealth.
