Planning without statistics is a ship without redom compass. In the light of this statement explain the importance of statistics as an effective aid to national planning .

Dear Student,

This indeed is a statement highlighting the importance and role of statistics in Economic planning. Statistics is a statement of facts that direct us towards the solution of various economic problems, helps us in the formulation of various economic laws/policies and lead to effective economic planning. As statistics is an integral part of economics, the data is extensively used to make comparisons of the development stages of a country with others, to overlook the problems of an underdeveloped countries e.g. poverty, unemployment, etc. Thus, statistics tends to be the fundamental component for any economic planning. Therefore it is correct to say that Planning without statistics is a ship without radar and compass.

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