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Economic Planning in India: Meaning, Evolution and Features

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 it may be called planning within the economy.’ Zweig considers this as logical conception of planning, and adds that ‘planning (as used in economic literature) is more than a logical concept; it is also an economic historical category, covering a definite phase of economic history ... It is not a mere planning of towns, public-works or separate sections of the economy ...

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