Economic Planning in India

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04 Nov, 2014

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Economic-Planning-in-India

What is meant by Economic Planning? – Economic Planning is the process of coordinating and planning economic activities through a process of control

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Economic Planning is generally opposite to which alternate economic system? – Market-based economic system (In the market-based economic system, the market itself controls and coordinates various economic activities. In market-based economic system there is generally no requirement of create a separate structure for economic planning)

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Economic Planning involved under which type of government model? – Socialism

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Economic Planning was used effectively for the first time by which country? – The erstwhile Soviet Union or the USSR (Soviet leader Joseph Stalin started the 5-year plans in Soviet Union in 1920 which was the major tool of implementing economic planning)

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In India the first insights into economic planning were seen in a draft on Economic Planning that was released in 1938 by then Congress President Subhash Chandra Bose. Who had prepared this draft on economic planning? – Meghnad Saha

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Planning Commission, which is the top-most organisation in India as far as economic planning is concerned, was constituted on which date? – 23 March 1950

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What was the main objective of establishing Planning Commission of India (PCI)? – To formulate and recommend the most effective and balanced utilisation of country’s resources by making an assessment of the material, capital and human resources of the country

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What is an important fact associated with Planning Commission of India? – It is not a constitutional body but is only a recommendatory body since its formation, functions and composition doesn’t find mention in the Indian Constitution (Planning Commission is non-statutory and extra-constitutional body)

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Who is the Chairman of the Planning Commission? – The Prime Minister of India

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Who is the executive head of the Planning Commission, who performs all the works as its executive head? – The Vice-Chairman of the Planning Commission

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Who was the last Vice-Chairman of the Planning Commission, the post which has now been lying vacant since May 2014? – Montek Singh Ahluwalia

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Who has been the the Vice-Chairman of the Planning Commission for the longest period of time? – Montek Singh Ahluwalia (He had a tenure of almost 10 years and had two tenures between 6 July 2004 and 26 May 2014. He resigned from this post after Narendra Modi-led BJP government came to the Centre)

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The Planning Commission is the pivotal body as far as economic planning in India is concerned. But which two are the other important bodies which play very important role in India’s economic planning? – National Development Council (NDC) and Finance Commission

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What is National Development Council (NDC)? – NDC is the most important body for decision making and deliberations on development matters in India? – It gives its approval to the plans which are prepared by the Planning Commission. It also ensures the balanced and rapid development of all parts of the country)

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Who is the Chairman of the National Development Council? – Prime Minister of India

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Apart from the Prime Minister, who are the other members of the National Development Council? – All Union Ministers, Chief Ministers of all Indian States, Administrators and Lt. Governors of all Union Territories and all members of the Planning Commission)

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When was National Development Council constituted? – 6 August 1952

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When was the first meeting of National Development Council held? – On 8 and 9 November 1952

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How many meetings of National Development Council have been held till date? – 57 (The 57th meeting of National Development Council was held during December 2012 at New Delhi)

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Which body gives final approval to the plans prepared by the Planning Commission? – National Development Council

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What is the main role of the Finance Commission? – It defines the finance relations between the Centre and the States of the Indian Union

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Finance Commission was constituted under which article of Indian Constitution? – Article 280

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Finance Commission was set up on which date? – 22 November 1951

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Who was the first Chairman of the Finance Commission? – K.C.Niyogi

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How many members are there in Finance Commission? – 5 (including the Chairman)

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Which is the only constitutional and statutory body among the three core bodies involved in India’s economic planning process? – The Finance Commission (Rest of the two bodies – The Planning Commission and National Development Council are non-statutory and extra-constitutional bodies)

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Responses on This Article

Previous Responses on This Article

  1. vaidehi says:

    very useful

  2. irf119 says:

    it would be more helpful if specific details regarding finance ministry and various other economic bodies is also provided.

  3. rajeevggg says:

    please update gs day to day……

  4. shubhangi kumbhare says:

    this section is very helpful for all readers….

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