Why did India opt for planning Economics CBSE class 11 ncert

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Why did India opt for planning? - Economics CBSE class 11 ncert

Book: Indian Economic Development
Chapter 2: Indian Economy 1950-1990
 (NCERT textbook questions)

Asked by:Aparna-Dasgupta

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India opted for planning because of the following reasons:
At the time of independence, the unemployment rate was very high and the Per Capita Income and Gross Domestic Product were very low.
The industrial sector was not developed and Indian handicrafts were ruined by the colonial government.
The agricultural sector was in a backward and stagnant stage.
Thus, India opted for planning to fight against backwardness and to start the process of economic development. In this regard, India opted for socialism as Indian leaders were motivated by the success of Soviet Union's planning. Indian planners were clear about the fact that there was shortage of private capital and lack of incentive for the private sector to function in the social sector. So, it was planned to adopt a socialist idea with an emphasis on the public sector along with encouragement of contribution from the private sector in non-priority industries through a democratic set up. The comprehensive planning for the country was made by the government with specific objectives of five year plans.
Hence, planning was initiated to make the public sector to work within the basic economic framework, and private sector firms were encouraged towards economic growth.

Answerd By:milan-ransingh

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