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Business Environment by A. C. Fernando

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19

ECONOMIC PLANNING: MEANING, EVOLUTION AND FEATURES

In this chapter, we study the idea of planning, its objectives, its evolution, the desiderata for successful planning and the role of planning in underdeveloped countries. After reading this chapter, you will have a better grasp of the entire gamut of economic planning, especially in the context of underdeveloped countries like India, and also its achievements and failures.

MEANING AND DEFINITION

Planning is an endeavour to allocate systematically the available resources to achieve certain ends. In this sense, any individual or any firm is a planner. According to Fedynand Zweig, “Economic planning in this sense would mean drawing up economic schemes with foresight and on a large scale ...

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