Unit - 1 PLANNINGS Economic Planning: • Economic Planning means “It is an outline or broad statement of schemes on programmes designed to realize certain pre-determined economic objectives, in a particular order of priorities, according to a strategy within a specified period of time is called Economic Planning.” If the government fallows the plans for the development of economy is called plan policy. USSR (Russia) was the first country introduced planning in the world in 1920. After grate economic depression all countries tried to implement Russian planning model. Netaji Subhash Chandra Bose was first recognized economic planning for India After the Second World War all the developed countries followed Russian economic planning model. Centralized Planning: The resources are allocated into different sectors and activities used to be done by the Central planning commission is called Centralized planning. Decentralized Planning: Plans prepare at various levels i.e. Central level by central planning commission, state level by state planning commission and district level by District planning commission and village level by Panchayati planning commission is called Decentralized Planning. Physical Planning: It means, if the resources are allocated in terms of men, materials and machinery is called physical planning. Financial Planning: If the resources allocated in terms of outlay it is called financial planning. Rolling Plan: A variant of short-term plans is what has come to be known as rolling plans. Two major aspects of rolling plans: first, in a rolling plan, the central outlay allotment for major sectors within the overall five-year plan targets will be fixed on a yearly basis. Secondly, the five year horizon (scope) will be extended each year by changing the select central targets for an additional year. Indicative Planning: It provides direction for the development of the economy by spelling (bring) out clear goals and providing help in reaching them. These...