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ECONOMIC PLANNING (INTRODUCTION (AT TIME OF INDEPENDENCE (SO FOR FOR…
ECONOMIC PLANNING
INTRODUCTION
AT TIME OF INDEPENDENCE
INDIA POSSESSED ALL FEATURES OF UNDERDEVELOPED ECONOMY
INDIA WAS IN POVERTY TRAP
SO FOR FOR GROWTH AND SOCIAL JUSTICE
GOVT. ADOPTED PLANNED ECONOMY BASED ON FABIAN SOCIALISM
WHY FABIAN SOCIALISM?
BECOZ OF LIMITED RESOURCES AND MASS POVERTY
SO GOVT. FORMED PLANNING COMMISSION IN 1950
WHICH FORMULATED 1ST FYP IN 1951 WHICH
FOR GROWTH
LAND REFORMS
(SENSITIVE SO STATE'S INTERVENTION WAS REQUIRED)
ABOLISHION OF ZAMINDARI SYSTEM
SOUGHT TO RAISE SAVING RATE TO 20% SO AS TO GROW BY 5%
FOR SOCIAL JUSTICE
STATE ALSO TOOK RESPONSIBILTY FOR PROVIDING
ELEMENTARY EDUCATION
PUBLIC HEALTHCARE
OTHER FACILITIES
STATE ALSO TOOK INFRASTRUCTURE BUILDING(WHICH WAS OUTSIDE CAPACITY)