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What is economic planning ?

Definition of Economic Planning

If we have to define economic planning in simple words , then we can define it as branch of planning in which nation decides in advance what to be done for the purpose of stability and development of economy. In 21st century, every country has its own economic plans. Even developed countries are also making economic planning for stability of their country because economic planning is fully related to effective utilization of national resources for the benefits of general people of country.

Explanation of Economic Planning

First economic plans had made in Soviet Russia and after this India started to making of economic plans under 5 years economic plans scheme. First planning commission is established in 1950 and first five year plans started in 1951
and it is called 1951-1956 plans after till now 10 plans of India has been made up to 11th five year plan in 2007 to 2012 .

List of Five year plans of India

First plan (1951-1956)
Second plan (1956-1961)
Third plan (1961-1966)
Period between 1966 to 1968 (because indo-Pakistani war happened in 1965, so there is no plan in 1966 to 1968 period )
Fourth plan (1969-1974)
Fifth plan (1974-1979)
Sixth plan (1980-1985)
Seventh plan (1985-1989)
Period between 1989-91 (because this period is political instability, so there is no plan in this period. )
Eighth plan (1992-1997)
Ninth plan (1997-2002)
Tenth plan (2002-2007)
Eleventh plan (2007-2012)

Main objectives of India’s five year economic planning:-
  • Increase the rate of development and growth.
  • Reduce the inequality of wealth and money.
  • Modernization
  • Stability in economy
  • Increase the level of education
  • Reduce the growth rate of population
  • More protection on environment.
  • Make new plans for increasing the level of health of Indian peoples.


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Accounting ! Answers: What is economic planning ?
What is economic planning ?
Accounting ! Answers
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