Indian Economy: A journey of last 65 years : Planning in India
Indian Economy: A journey of last 65 years  

Planning in India
Planning without an objective is like driving without any destination. There are generally two sets of objectives for planning, namely the short-term objectives and the long-term objectives. While the short-term objectives vary from plan to plan, depending on the immediate problems faced by the economy, the process of planning is inspired by certain long term objectives.

The economy of India is based in part on planning through its five-year plans, which are developed, executed and monitored by the Planning Commission. The tenth plan completed its term in March 2007 and the eleventh plan is currently underway.

Prior to the fourth plan, the allocation of state resources was based on schematic patterns rather than a transparent and objective mechanism, which led to the adoption of the Gadgil formula in 1969. Revised versions of the formula have been used since then to determine the allocation of central assistance for state plans.

In case of our Five Year plans, the long-term objectives are:

(i) A high rate of growth with a view to improvement in standard of living
(ii) Economic self-reliance
(iii) Social justice
(iv) Modernization of the economy
(v) Economic stability

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