Why did India opt for planning? | Class 11 Economics - Indian Economic Development Chapter Indian Economy 1950-1990, Indian Economy 1950-1990 NCERT Solutions

Question:

Why did India opt for planning?

Answer:

Soon after independence, India faced an important choice to opt either for capitalism or socialism. Finally, India, inspired by the extraordinary success of planning in Soviet Union, opted for socialism. Although, Indian political and economic conditions were not as favourable as it was for Soviet Unions to opt for socialism, yet India adopted socialism but with a difference. India hinged upon the socialist idea with a strong emphasis on the public sector and active participation of the private sector in a democratic framework. The Planning Commission (1950) was established with the motive that the government would undertake comprehensive planning for the nation as a whole, where the public sector would lay down the basic economic framework and would encourage the private sector for their active contribution to economic growth.


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Welcome to the NCERT Solutions for Class 11 Economics - Indian Economic Development - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 2: Why did India opt for planning?....