Lecture on Economic Planning and NITI Aayog

Introduction

• Lecturer: Himanshu Sharma
• Topic: Economic Planning and NITI Aayog
• Unit: Three
• Focus: Theory plus MCQs

Economic Planning

• Definition: Economic planning refers to how economic activities are executed in a planned manner.
• Contribution of H.D. Dickinson: Economic planning means making economic decisions on a large scale about what to produce and how to distribute.

Types of Planning

• Regional Planning: Planned activities for specific regions.
• National Planning: Planned activities for the entire country.

Objectives of Economic Planning

1. Economic Growth
2. Poverty Alleviation
3. Employment Creation
4. Social Justice
5. Self-Reliance
6. Modernization of Economy

History of Economic Planning in India

• 1934: M. Visvesvaraya's book "Planned Economy for India".
• 1938: Formation of the National Planning Committee.
• 1944: People's Plan and Bombay Plan.
• 1950: Commencement of the First Five-Year Plan.

Five-Year Plans

• Short Trick: 3 2 2 5 (first 3, then 2, then 2, then 5 plans)
• 1951-2017: Duration of various five-year plans
• Details up to the 12th Plan

NITI Aayog

• Establishment: 1 January 2015
• Meaning of the name: National Institution for Transforming India (NITI)
• Objective: To give a new direction to economic development, end five-year plans

MCQ Discussion

1. Definition given by H.D. Dickinson
2. The objective of economic planning is not freedom
3. Jawahar Rozgar Yojana started in the 7th Five-Year Plan
4. Establishment of NITI Aayog on 1 January 2015
5. Duration of the 10th Five-Year Plan was 2002-2007
6. Plan Holiday period was 1966-1969
7. Objective of the 10th Plan was to double per capita income
8. The idea of inclusive growth was in the 11th Plan

Other Information

• GIB CEB courses information
• Subscription and course enrollment process

Conclusion

• Importance of Economic Planning and NITI Aayog
• Conclusion of the lecture