Indian Economic Planning

In a centrally planned economy, the government plans the major activities of the economy. The government controls all activities such as production, exchange and consumption of goods and services. The government makes the major decisions about what to produce and how to distribute it in a way that benefits the society. The goals of Indian economic planning are growth, self-reliance, equality and modernization.

Growth - Growth refers to the increase in the total production of goods and services in a country.

Self-reliance - Self-reliance aims to achieve self-sufficiency in agriculture, industry and the service sector and eliminate foreign dependence by utilizing India's human resources using available information.

Equality - Equality means that all citizens of India have access to basic needs such as food, clothing, shelter, education, drinking water and healthcare and that there is a fair distribution of wealth.

Modernization - The use of advanced technology is known as modernization.