Answer :

Economic Planning is an organised and coordinated effort to achieve certain objectives within a fixed time frame through optimum utilisation of the community’s resources. It has 10 major objectives:

1. The main objective is to achieve the goal of economic development which is important for a developing country, like India. It can help to solve the issue of poverty, unemployment, etc.


2. Better utilization of human resource and increasing employment opportunities.


3. To ensure stability; to avoid any structural imbalance in the country.


4. To become self-sufficient in terms of food grains and industrial raw material.


5. To promote labour welfare, economic development of backward classes and the social welfare of the poor people.


6. To ensure regional development in a balanced manner


7. All round development of the economy


8. To bridge the income inequality gap between the richer and poor sections of the society


9. To ensure social justice among different classes and regions of the country


10. To increase the standard of living of the people by increasing per capita income,price stability and equal distribution of wealth.


In India, planning is done through the Planning Commission for a period of five years.


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