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The Indian Economy Since 1991, 2nd Edition by B. A. Prakash

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7

Economic Planning in India

C. Narayan Lal and S. Rajesh Kumar

There is no unanimous idea about the meaning of the term ‘economic planning’. Different economists defined it differently on the basis of the different views formulated. We can identify economic planning as ‘a deliberate control and direction of the economy by a central authority, for the purpose of achieving definite targets and objectives within a specified period of time’. It is a technique of utilization of the resources in pre-determined goals within a specified time limit. So it entails an effective study on the problems and potentials of the economy concerned. In this chapter we will discuss the planning process in India. After providing an overview of the plans till the Ninth ...

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