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Indian Economy — Issues Related to Planning : Before understanding the issues related to planning, let us start with the broader domain — Indian Economy — first. What does the term economy mean? How is economy different from economics? Economic system comprises of production, distribution and consumption of good and services between two agents.
A simpler definition of economy: The wealth and resources of a country or region, esp. in terms of the production and consumption of goods and services. A person who know Indian Economy well is a person who knows the financial balance sheet of India — he knows about the resources of India, what is good for India, essay on indian economy, what are the problems of India, what is required to make India a developed nation, future of India and so on.
Planning is the process of thinking about and organizing the activities required to achieve a desired goal. Planning involves the creation and maintenance of a plan. In the Indian economy context, the major plan we talk about is the Five Year Plan FYP. The agency which formulates the FYP is Planning Commission which is chaired by Prime Minister of India.
Start Learning. FYP are visionary plans for a 5 year period. Plan provisions for each year are implemented through the budget. Budget has provisions for planned expenditure, which focuses on yearly expenditure according to FYP documents.
Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like. Resources in a country are limited — be it natural resources or human resources. The scarcity of resources necessitates the need for proper management essay on indian economy at production, distribution and consumption ends.
For any country to grow and develop, proper mobilization and utilization of resources is necessary. Resources of a country include — natural resources and human resources.
For proper mobilization of resourcesprior planning will be of great help for a holistic approach. Apart from the primary objective of growth and optimum resource utilization, these areas should be addressed in a proper plan. It can also turn helpful for Prelims and Interview ]. Yes, I want ClearIAS to help me score high!
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Quiet good material by simple language through one can understand and elaborate the matter regarding this issue. Thanks a lot of you to provide such type guidance.
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ClearIAS » Economics Notes » Indian Economy : Issues Related to Planning. Definition of Planning Planning is the process of thinking about and organizing the activities required to achieve a desired goal. Just beginning IAS preparation? Looking for free resources? The right guidance can 10X your chance of success. Do you want ClearIAS Experts to teach you?
Get our newsletter Don't miss our email updates! Comments Is it total description about this topic or anything else in it, essay on indian economy. Good notes Well organised. P C being an unconstitutional body, how does it affect the planning?
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Economy: All Articles written by Mrunal for UPSC, SSC, IBPS, IIM MBA GDPI- Current Affairs, Indian Economy BES Budget and Economic Survey Pillar#1: Money, Banking, Finance & Insurance Essay Topics - Get the detailed list of important topics you can expect in Essay writing and WAT round of MBA admission session Impact of increasing oil prices on Indian economy; How important is flow of money for the economy? 23 hours ago · Civil Services - Essay Contest. Showcase your ideas on public policy and current affairs by entering our essay writing competition. Every month, students can choose any one topic and send their essays. Make sure you first prepare well and then write down the essay as it will give you great practice for the actual UPSC essay exam
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