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Economic Planning in India

Economic planning is defined as “a continuous process which involves decisions, or choices, about alternative ways of using available resources, with the aim of achieving particular goals at some time in the future. The planning is done by a central authority, like the state, possessing the power of implementation. In this type of planning, the review of the recent trends of the economy, and its main factors such as output, investment, saving, consumption, government expenditure, the balance of payments, and the population is the starting point of planning. The growth path to attain certain objectives is determined on the basis of this decision.