What is a Plan?
Everyone plans their day, for instance, what time to wake up, what to have in breakfast, how many tasks will we achieve on this day, etc,. So, the plan is our today’s topic of discussion.
A plan spells out how the resources of a nation should be put to use. It should have some general goals as well as specific objectives that are to be achieved within a specified period.
Similarly, Economic Planning is a system under which a set of targets is defined by the Central Authority of the country. These targets are to be achieved within a specified period, considering the resources of the country. Economic planning is based on the principles of a mixed economy and covers both economic and social areas of planning.
Read more the Economic planning in India.