 Economic planning is the making of major economic decisions what and how much is to be produced, how, when and where it is to be produced, and to whom it is to be allocated by the comprehensive survey of the economic system as whole. (H.D. Dickinsom)

 Planning was adopted for the first time in the world by SovietUnion

1.1 Planning in India

 Planning in India starts in 1930s.

 Even before independence, the colonial government had established a planning board that lasted from 1944 to 1946.

 Before independence private industrialists and economists published three development plans in 1944.

 India’s leaders adopted the principle off normal  economic planning soon after independence as an effective

way to intervene in the economy of faster growth and social justice. Four decades of planning show that India’s economy, a mix of public and private enterprise, is too large and diverse to be wholly predictable for  responsive to directions of the planning authorities.

 1934: M.Visvesvaryya,in his book‘PlannedEconomy of India’,advocates the necessity of planning India.

the country much before Independence.

 1944:Bombay Plan, published in January 1944, prepared by eight leading industrialist of Bombay.

 Gandhian Plan put forward by S.N. Agrawal (1944).

 1944: Planning Development Council was set up under the chairmanship of A. Dalal.

 Peoples Plan drafted by M.N. Roy (1945).

 1946: Interim Government sets up the Planning Advisory Board.

 1947: Economic Programme Committee was setup under the chairmanship of Jawaharlal Nehru.

 1950: Planning Commission was set up.

 2015: Formation of Niti Aayog.

• Proposed the first blueprint of Indian Planning

• Democratic capitalism with emphasis on industrialisation