Economic Planning Essay

As Raymond Burrows (1930) remarks, “Planning as a modern panacea is as perplexing to a pedant as it is popular to a protagonist”. Planning is beneficial for both the developed and underdeveloped countries for the developed countries to maintain or accelerate growth already achieved and for underdeveloped countries to overcome poverty and to raise the standard of living. Unless the underdeveloped countries wake up and follow the planning, they will be left far behind in the race of economic well-being. [1] National Planning Commission of India- “Planning under a democratic system may be defined as the technical co-ordination, by disinterested experts, of consumption, production, investment, trade and income distribution, in accordance with

Further it helps in capturing rapid rate of economic growth in developing as well as developed countries. Hence majority of developing and also developed countries in the world have been engaged in applying the economic planning as their economic policy perspectives.

Economic Planning is essentially a way of organising and utilising economic resources to maximum advantage in terms of well-defined socio-economic goals. The concept of economic planning in India was not altogether new. Even under British Rule, there had been good deal of thinking on the subject of economic planning in India. The first idea of planning for India was advocated by Sir Department of planning School of Planning and Architecture Vijayawada Vijayawada,10 April 2016

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In 1937, the Indian National Congress set up the National Planning Committee under the chairmanship of Late Pandit Jawaharlal Nehru. But owing to the great political changes, the work of the committee remained suspended from 1944 to 1946. The committee submitted its report in 1949.

So the study of Economic planning in development economics is being highly insisted. For tapping number of objectives of development planning process, planning authority has to deal with some important issues, that arises while designing and implementing various socio-economic development programmes and major projects in the economy. The precision and scientific studies in the issues belonging to development planning provides better efficiency to planning authority in activating the process of economic planning in a better