Economic Planning in India

Economic Planning in India. It all began in the pre-Independence era when notable and highly educated leaders came together and discussed the future of growing independent India. One among such was M. Visvesvaraya. He was a civil engineer and administrator. He published a book called “Planned Economy for India” published in 1934. It included an outlay of a 10 years plan that India could use as a stepping stone to grow its economic base after the Britishers leave India.

After Independence, on 15 March 1950 Planning Commission was set to review India’s current position in market and world and keeping in mind the First Five Year Plan on 9th of July 1951 was launched. It went on for 5 years with the objective of rehabilitation of refugees, rapid agricultural development to achieve food self-sufficiency in the shortest possible time and control of inflation.

Similarly as per the growing need and demand of the country, other 5 years plans were launched. Though, 100% of the plan was not successful, we attained the majority of it efficiently despite the wars, famine, drought, and threat to internal security.

List of all 5 years plans:

Then, on 17 August 2014 Planning Commission was dissolved and keeping in account the current economic needs of India, NITI (National Institution for Transforming India) Aayog was set up on 1st January 2015.