Importance of economic planning in India from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
Economic planning plays a crucial role in the development of any country, and India is no exception. The concept of economic planning involves setting specific goals and objectives for the economy and devising strategies to achieve them. In the Indian context, economic planning is essential due to the diverse nature of the country's economy, which consists of various sectors such as agriculture, industry, and services. One of the primary reasons why economic planning is important in India is to ensure balanced and sustainable growth across all sectors of the economy. By setting targets for each sector and allocating resources accordingly, the government can prevent the over-concentration of resources in one sector at the expense of others. This balanced growth is crucial for reducing income inequalities and promoting overall economic development. Additionally, economic planning helps in promoting social welfare and inclusive growth in the country. By focusing on sectors that have the potential to create employment opportunities and improve living standards, the government can ensure that the benefits of economic development reach all sections of society. This is particularly important in a country like India, where a significant portion of the population still lives below the poverty line. Furthermore, economic planning plays a vital role in promoting industrial development and technological advancement in the country. By identifying key industries that have the potential to drive economic growth and providing them with the necessary support and incentives, the government can foster innovation and productivity in the economy. This, in turn, can lead to higher levels of economic growth and competitiveness on the global stage.- Economic planning is crucial for the overall development of India's economy. By setting specific goals, allocating resources efficiently, and promoting balanced growth across all sectors, the government can ensure sustainable development, reduce income inequalities, and promote social welfare. Therefore, it is imperative for policymakers to continue emphasizing the importance of economic planning in shaping the future trajectory of India's economy.
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