An evolution of structured economic planning in India: A retrospective study

Ananda S

An evolution of structured economic planning in India: A retrospective study

Authors: Ananda S

Unique Paper ID: 167552
Volume: 5
Issue: 11
PageNo: 761-766

Keywords: Economic Planning Systematic approach Economic reconstruction Solutions.

Abstract:
: In India, the planned economic development began in 1951, with the inception of the First Five Year Plan. However, in India, the significance of planning was recognized even before independence. Various ideological perspectives were brought to influence the efforts of ‘Plan formulation’ by a few individuals and institutions. Socio economic Planning has been one of the most noteworthy inventions of the twentieth century. Even before independence the nation was conscious about the significance of planned development. Prominent leaders like Dadabhai Naoroji (1825 - 1917), M. C. Ranade, (1842-1901), R. G. Dutt (1848 - 1909) highlighted the social and economic problems of the Indians. Almost all the national leaders were keen on ‘Political freedom’, as they believed, is the key tool to solve the socio-economic problems prevailing in the country. Starting from the Soviet experiment in 1928, planning slowly swept over almost two third of the entire world. During 1930’s, when the whole world was affected by great depression, only USSR was exempted from the adverse effects of great depression, because of their planning. This instigated the whole world to think seriously about the need for systematic planning. The resolutions of the Indian National Congress from 1929 onwards stressed the need for the revolutionary changes in the present economic structure of society and removal of great inequalities in order to remove poverty and improve the economic and social conditions of the masses. In the year 1934, Sir M. Vishveshwaraya wrote a book named ‘Planned Economy for India’, which was the first attempt in this direction, in which he prepared a ten year plan for economic development of the country. On the other hand the Government of India Act–1935, introduced provincial autonomy which led to the formation of Congress Government in eight provinces. In August 1937 the Congress Working Committee passed a resolution suggesting the committee of inter provincial experts to consider urgent and vital problems, the solution of which is necessary to any scheme of national reconstruction and social planning. All this necessitated the requirement of a structured planning to systematically address the gamut of problems prevailing at time. Hence this paper records all the important milestones in economic planning in India and its historical perspective.

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ISSN: 2349-6002
Volume: 5
Issue: 11
PageNo: 761-766

An evolution of structured economic planning in India: A retrospective study

Available:https://ijirt.org/Article?manuscript=167552

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