Economic planning in India refers to the process of developing and implementing a comprehensive plan for the country's economic development. It was introduced in India after independence in 1947, with the first Five-Year Plan being launched in 1951.
The goal of economic planning in India is to promote rapid economic growth and development, reduce poverty and inequality, and improve the standard of living for all citizens. The planning process is overseen by the Planning Commission, which is responsible for formulating the country's Five-Year Plans.
India's economic planning has evolved over the years, with a shift towards liberalization and market-oriented reforms in the 1990s. This led to a significant expansion of the private sector and a reduction in government intervention in the economy.
The planning process in India has been criticized for being too centralized and bureaucratic, with limited participation from state governments and other stakeholders. However, there have been efforts to decentralize the planning process and involve local communities in decision-making.
In recent years, India has shifted towards a more decentralized and market-oriented approach to economic planning. The government has implemented various initiatives aimed at promoting entrepreneurship and innovation, encouraging foreign investment, and improving infrastructure and connectivity.
Overall, economic planning has played a significant role in India's economic development, although the planning process itself has undergone significant changes over the years. The government's focus on market-oriented reforms and decentralization is expected to further promote economic growth and development in the coming years.
