India: Sixty Years of Planned Economic Development: 1950 to 2010

The resource base of a country consists of human resources, non-renewable resources, and renewable resources. Economic planning is concerned with the effective and optimal utilization of the potential resources of an economy. This is particularly so in the context of underdeveloped countries which are striving to raise the standard of living of the masses. In fact, planning is a process aiming not merely at the best utilization of material resources but also at the development of human faculties and institutional framework suitable to the needs and aspirations of the people. In India, the establishment of the Planning Commission in 1950 heralded a new era in the economic history. It makes an assessment of the material, capital, and human resources of the country, and it investigates the possibilities of augmenting these resources as are found to be deficient in relation to India's requirements. It, then, formulates a plan for the most effective and balanced utilization of the country's resources. Part I of this book examines the human and natural resources of India, the principles of economic planning, the institutional framework of economic planning in India, and the assessment of India's experience with economic planning. Part II provides a summary of each of India's Five Year Plans under the following 13 common theme headings: plan at a glance * agriculture and rural development * industry and infrastructure * mineral resources * electricity and other renewable energy sources * urban development and housing * transport and communications * employment and labor welfare * health, family planning, and nutrition * education, training, and skill formation * science and technology * social welfare * balanced regional development. Part III contains sector-wise, time-series statistics on the Indian economy from 1950 to 2010. Part IV of the book comprises glossary of economic planning and a list of English equivalents of select Hindi terms used in Plan Documents.