What are the features of economic planning in India?
Top 8 Features of Economic Planning
- The most cherished elements involved in a good plan are as under:
- (i) Definite Objective:
- (ii) Central Planning Authority:
- (iii) Democratic Character:
- (iv) Only an Advisory Role of Planning Commission:
- (v) Comprehensiveness:
- (vi) Planning for Consumption:
What is the objective of economic planning?
The basic objective of economic planning is that there is equal distribution of resources, the goals set are completed within specific period of time, Increase the production and employment and also reduce the population growth are also the main objectives.
What is economic planning and its importance?
Economic planning helps to identify those deficiencies in the economy and the social structure which need the maximum attention from the standpoint of economic growth. A plan is a scheme of investment and it requires mobilisation of necessary financial resources.
What are the advantages and limitation of planning?
The objectives are determined first and then best possible course of action is selected for achieving these objectives. The operations selected being better among possible alternatives, there is an economy in operations. The method of trial and error is avoided and resources are not wasted in making choices.
What are the major limitations of planning?
Following are the limitations of planning:
- (1) Planning Creates Rigidity:
- They are the following:
- (i) Internal Inflexibility:
- (ii) External Inflexibility:
- (2) Planning Does Not Work in a Dynamic Environment:
- (3) Planning Reduces Creativity:
- (4) Planning Involves Huge Costs:
- (5) Planning is a Time-consuming Process:
Which is a disadvantage of planning?
Planning has tendency to make administration inflexible. Planning implies prior determination of policies, procedures and programmes and a strict adherence to them in all circumstances. There is no scope for individual freedom.
What are the benefits and limitations of planning and goal setting?
Setting goals has several advantages, but this type of planning also has some disadvantages.
- Clear Plans. Goals help people develop clear plans for what they want to achieve and how they will accomplish those achievements.
- Increased Awareness.
- Specific Priorities.
- Pressure.
- Sense of Failure.
What are the four benefits of planning?
Benefits of Planning
- Planning provides a guide for action. Plans can direct everyone’s actions toward desired outcomes.
- Planning improves resource utilization.
- Plans provide motivation and commitment.
- Plans set performance standards.
- Planning allows flexibility.