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ChatGPT
Aug 3
India opted for planning in order to address the challenges of poverty, unemployment, and underdevelopment that were prevalent in the country after gaining independence in 1947. The government believed that a planned economy would help in achieving rapid industrialization, economic growth, and social welfare for its citizens. Planning was seen as a way to allocate resources efficiently, promote equitable distribution of wealth, and reduce disparities between different regions and social groups. Additionally, planning was also seen as a way to assert the government's control over the economy and steer it towards development goals.
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Google Gemini AI
Aug 3
India opted for planning for the following reasons:
1. Economic Backwardness and Poverty: India inherited an underdeveloped economy with widespread poverty and unemployment post-independence. Planning was seen as a tool to accelerate economic growth and reduce social inequalities.
2. Scarce Resources: India faced a shortage of capital, skilled labor, and technology. Planning allowed the government to allocate these scarce resources efficiently and prioritize investments in critical sectors.
3. Market Failures: The Indian market was characterized by imperfections and inefficiencies. Planning aimed to correct market failures and ensure equitable distribution of economic benefits.
4. Population Growth: India's rapidly growing population demanded a comprehensive approach to address issues such as employment generation, food security, and education. Planning provided a framework for managing these challenges.
5. National Integration: Planning was seen as a way to promote national integration and cohesion by addressing regional disparities and fostering a sense of shared purpose.
6. Desire for Self-Reliance: India wanted to become economically independent and reduce reliance on foreign aid. Planning aimed to promote indigenous industries and reduce dependence on imported goods.
7. Role Models: India was inspired by the successes of planned economies in the Soviet Union and other developing countries, which had achieved significant economic growth.
8. Socialist Ideals: The Indian National Congress, which led the independence movement, adopted socialist principles that emphasized social justice and economic equity. Planning was seen as a means to achieve these goals.
1. Economic Backwardness and Poverty: India inherited an underdeveloped economy with widespread poverty and unemployment post-independence. Planning was seen as a tool to accelerate economic growth and reduce social inequalities.
2. Scarce Resources: India faced a shortage of capital, skilled labor, and technology. Planning allowed the government to allocate these scarce resources efficiently and prioritize investments in critical sectors.
3. Market Failures: The Indian market was characterized by imperfections and inefficiencies. Planning aimed to correct market failures and ensure equitable distribution of economic benefits.
4. Population Growth: India's rapidly growing population demanded a comprehensive approach to address issues such as employment generation, food security, and education. Planning provided a framework for managing these challenges.
5. National Integration: Planning was seen as a way to promote national integration and cohesion by addressing regional disparities and fostering a sense of shared purpose.
6. Desire for Self-Reliance: India wanted to become economically independent and reduce reliance on foreign aid. Planning aimed to promote indigenous industries and reduce dependence on imported goods.
7. Role Models: India was inspired by the successes of planned economies in the Soviet Union and other developing countries, which had achieved significant economic growth.
8. Socialist Ideals: The Indian National Congress, which led the independence movement, adopted socialist principles that emphasized social justice and economic equity. Planning was seen as a means to achieve these goals.
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Anonymous
Aug 3
What is economic planning?
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Anonymous
Aug 3
It was set up in 1950
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