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Economic Planning Introduction
Every success and failure of an individual person, family, organization, and institution have a direct relationship to how things, conditions, and activities were planned. The planning process differs in scopes, conditions, and purpose. An individual may plan for the realization of his/her desire and ambition whether for self or for others. Parents’ plan for the family may come with a balance between his/her personal growth and development and for the well-being of the family members. Moreover, a particular organization or institution plans based on its clear vision, mission, and goals. The organizational and institutional plan is not really about realizing personal goal but for the organizations’ desire for the good of others and communities to a larger scope. All of these planning efforts undertaken whether from an individual, families, organizations or institutions redound to the total development of the economy as a whole.
ECONOMIC PLANNING THEORY AND PRACTICE
Economic Planning: Theory and Practice, 2022
The book: Economic Planning: Theory and Practice, is a collection of various chapters from different authors on issues related to economic planning which countries have applied and can apply to ensure that scare resources are appropriately managed for welfare improvement.
ECONOMIC PLANNING TO ECONOMIC DEVELOPMENT 4 Stages of Economic Planning
The main process or stages of planning are as under: 1. Formulation of Plan: The formulation of the development plan is the first stage of the economic planning. At the top, the Planning Commission formulates a draft plan in consultation with the various ministries or economic councils. Similarly, at the bottom, individual perspective plan on the basis of past experience and future requirements is prepared. The Planning Commission assesses the balances of technical possibilities, recommendations, suggestions and requirements in the light of reports given by two agencies—one from the top and the other from the bottom. The final draft is comprehensive, coherent and well knit document. First of all, Planning Commission lays down tentatively certain general goals for the long time, i.e., for fifteen or twenty years, after making a careful analysis of technical possibilities, the basic and non-basic needs of the economy and various methods of development.
The planning system is crucial in ensuring an enhanced quality of livelihood for citizens. It is for this that Kate Barker asserts that "Its outcomes influence the quality of our urban environment, the price and size of our homes, the employment opportunities available to us, the price of goods in the shops and the amount of open space we have in our towns and countryside" . In essence all these constitute the economy. Hence, the effectiveness of the economy is influenced by the workings of the planning system. For this overarching objective to be effectively delivered, the new National Planning Policy Framework (NPPF) circumscribes this system in a presumptive target in favour of sustainable development so as to ensure that it delivers a responsive and competitive economy, vibrant and healthy communities and protection of the natural, built and historic environment.
SCOPUS Sept 2016 Socio-Economic Planning of the Economy.pdf
The economic impact on improving the quality of the strategic management system operation by increasing the quality, reliability and validity of the results obtained is the basis of socio-economic planning and economic design. Methods: The comparative analysis of the expert-analytical support of strategic management, socio-economic planning and economic design in the Russian Federation and a number of foreign countries, carried out in this article, let us conclude that the system of expert-analytical support in general meets the level of the leading developed countries. Findings: One of the main scientific tasks in this area is to improve the mechanisms and algorithms of the current support of strategic management in the Russian Federation, as well as to minimize and overcome the negative trends in the economy. The article considers the principles and selection algorithm for research and expert-analytical support that should be used in the further development of national foresight projects. The authors have formulated recommendations for improving the overall efficiency of the system of strategic management, socio-economic planning and economic design which allow creating conditions for a more active involvement of System Expert Societies (SES) to solving strategic problems of the economy. The main differences of the proposed algorithm from the current practice are as follows: A competitive and transparent nature; the possibility to form analytical teams on the principle of efficiency; ensuring the required level of quality of the final outcomes before the competition (since the required level of quality is determined by the SES status of participants that all contestants have). Application/Improvements: It is necessary to create a national system of expertanalytical communities, whose planning and forecasting results should be accounted for in the strategic management system, socio-economic planning and economic design at the national and regional levels.
" RELEVANCE OF ECONOMIC PLANNING IN INDIA "
Economic planning is considered as the most systematic technique for redressing all economic defects. Various countries of the world have already experienced the successful implementation of economic planning in the mean time. In India the first systematic attempt of economic planning was made in 1934 when M. Visvesyaryya published his book ‘Planned Economy for India’. Again in 1937, Indian National Congress set up the National Planning Committee with Pt. Jawaharlal Nehru as Chairman. First economic plan came in existence in 1951 and currently 12th plan is in progress. Indian Economy has undergone several transition stages. At this point of time it is the necessity of the hour to understand and realize the importance of economic planning in India.