Explain Economic Planning in India.?
Answer:
Economic Planning refers to efficient utilization of natural resources of the country in order to achieve desire rate of growth and development wit social justice.
After Independence, Indian Economy was suffering from less capital formation, poverty, less rate of growth and many issues which were detrimental of the way of growth and development of the country. At that time Indian Economy was stagnant, backward, depleted and poor economy. Due to colonial exploitation, Indian Economy could not have proper strategy for growth and development. In this situation there was need of “Big Push” to break the stagnancy of Indian Economy. It was planning which acted as the big push for the acceleration of the growth rate of the Economy.
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