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Explain the common goal of five year plan of India?

Asked by Srividya Soumya...(student) , on 9/9/12

Answers

growth- it express how to increase our country GDP 

modernisation- to grow more & more industries by which employment apportunity will be increase

equity-equal distribution of resources and income .It implies egalitarian society with social justice

self reliance- it implies promoting economic growth by using a county own resources . This reduces the economic dependence on the foreign countries

hope it help...................

Posted by Shivanshu(student)on 16/7/12

EXPERT ANSWER

Common Goals of Five Year Plans in India are:

  • Economic Growth- Economic growth refers to the increase in the country’s GDP over a period of time. This objective implies increase in the production capacity of the economy. With greater production capacity, the income in the economy increases and subsequently, all the sectors in the economy are benefited. Thus, Increase in GDP as as goal of planning has always remained on the priority of the planners and policy makers.
  • Modernisation- It is defined as greater acceptability and adoption of modern techniques and technology in order to increase the overall productivity and total volume of production of goods and services. Modernisation as a planning objective not only results in the greater production capacity of the economy but also results in change in the outlook of a country.
  • Achieving the Status of Self Reliance- Self-reliance implies discouraging the imports of those goods that could be produced domestically. Achieving self-reliance is of prime importance for a developing country like, India as otherwise, it would increase the country’s dependence on foreign products. Dependence on foreign goods and services can promote economic growth of India but this would not contribute to the development of domestic productive resources. Therefore, achieving self-reliance is an important objective for developing countries in order to avoid themselves from being acquiescent to the developed nations.
  • Equity - Equity refers to equitable distribution of GDP so that the benefits due to higher economic growth are shared by all the sections of population. Equity implies egalitarian society with social justice. Thus, fulfillment of this objective is very necessary for the overall growth of an economy.
  • Stability- Stability implies an economy in the balanced situation. That is, the different variables of economy such as prices to remain stable. However, it does not imply a stagnant economy but it merely imples the absence of fluctuating variables in economy. In order to achieve progress, the objective of stability for any nation is very important.
  • Employment Generation- Employment generation as a planning objective is very crucial to achieve. This objective implies the fuller utilisation of the human resouces which further aids in the process of development of an economy.

 

Posted by Teena Wadhwa(MeritNation Expert)on 10/9/12

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