Meaning of Planning
- Planning is a technique, a means to an end being the realization of certain pre-determined and well-defined aims and objectives laid down by a central planning authority.
Definition of Planning
- Economic Planning is “collective control or suppression of private activities of production and exchange”. – Robbins
- “Economic Planning in the widest sense is the deliberate direction by persons in-charge of large resources of economic activity towards chosen ends” – Dalton
- Economic Planning is “The making of major economic decisions – what and how much is to be produced and to whom it is to be allocated by the conscious decision of a determinate authority, on the basis of a comprehensive survey of the economic system as a whole”. – D. Dickinson
Great Depression
- Great Depressions started in the United States after a major fall in stock prices that began around September 4,
- It was the longest, deepest, and most widespread depression of the 20th Century.
- After Independence, in 1948, a declaration of industrial policy was announced.
- The Planning Commission was created on March 15, 1950.