Get the answer of: What is Economic Planning? The fundamental purpose of economic life is the satisfaction of human wants which are basically unlimited. All the economic activities of any modern society are directed towards satisfying human needs with limited (scarce) resources. The limitation of resources forces society to make choice and allocation. Economic resources are scarce in relation to [...]
Some of the major drawbacks found in Indian Economic Plans are: 1. Unrealistic Plans, 2. Lack of Pragmatic Approach 3. Faulty Implementation 4. Over-Ambitious Plans 5. Natural Constraints 6. Rapid Growth of Population 7. Incoordination. Drawback # 1. Unrealistic Plans: The foremost drawback of Indian plans is that they are based on such assumptions which are invariably inaccurate. For instance, [...]
The following points highlight the fourteen major failures of economic plans in India. They are: 1. Stagnant Economy 2. Poverty 3. Unequal Distribution of Income and Assets 4. Increasing Unemployment 5. Abnormal Growth of Population 6. Inflationary Pressure 7. Adverse Balance of Payment and Others. Cause # 1. Stagnant Economy: When India was freed, it has deep marks of stagnation. [...]