Describe and assess the function of India’s economic planning in light of the country’s new economic strategy. [Answer Limit: 250 Words] [UKPSC 2012]
Organizations can effectively promote accountability among their employees without creating a culture of fear or blame by: Clear Expectations: Establishing clear goals and expectations for each role and project. Transparent Communication: Encouraging open communication channels where employees feelRead more
Organizations can effectively promote accountability among their employees without creating a culture of fear or blame by:
- Clear Expectations: Establishing clear goals and expectations for each role and project.
- Transparent Communication: Encouraging open communication channels where employees feel safe to discuss challenges and seek help.
- Supportive Environment: Providing resources, training, and mentorship to help employees succeed.
- Constructive Feedback: Offering constructive feedback and coaching rather than punitive measures.
- Recognition of Efforts: Recognizing and celebrating achievements and efforts towards accountability and responsibility.
By fostering a supportive and transparent environment, organizations can cultivate a culture where accountability is valued and nurtured positively.
See less
The concept of Economic planning was first introduced by P. V. Narasimha Rao who was a great politician and also considered as the father of the concept of Economic planning. The prime minister Jawaharlal Nehru introduced a five-year plan to the Indian parliament to make the Indian economy strongerRead more
The concept of Economic planning was first introduced by P. V. Narasimha Rao who was a great politician and also considered as the father of the concept of Economic planning. The prime minister Jawaharlal Nehru introduced a five-year plan to the Indian parliament to make the Indian economy stronger and better. In the year 1951, the parliament focused on the development of the primary sector. P. V. Narasimha also stated that the Indian economy is largely based on the Agricultural sector and 17 percent of GDP is based on it. Other important factors are airways, railways, and manufacturing handicrafts which can also play an important role in the Indian economy. the concept of Economic development is derived from Russia. Though the concept of the economic condition is based on the major financial choices of a country which could be different from each other. However, understanding the strongest sector of a country to increase the GDP percentage of a country is the main aim to achieve by implementing this planning.The main objective of introducing and implementing this idea is to increase the standard of living. In India, a large population is living their lives below the poverty level. If the per capita income can be increased by adopting this strategy, it can be beneficial for the country. It can also increase the employment section and increase the rate of social service. Equal distribution of income can be beneficial for decreasing the population who belong below the poverty level. It can also provide a stable economic condition to the country, increase the self-sufficiency level, increase the rate of regional development, reduce economic inequality and increase social justice.The importance of economic planning can be derived from the objectives of the agenda. As stated before, it is important to find the strongest sector of India to increase the per capita income. It can be beneficial for the overall growth of the country. It can increase the employment rate and can decrease the poverty level. If the rate of employment is increased, it positively affects the sector of economic stability of the country. It can also help to make the people of India more self-sufficient and decrease economic inequality. It also helps in social welfare and regional development. It can be beneficial for the sustainable development of India as well. Overall, proper economic planning and implementation can increase the standard of living of the countrymen.Economic planning consists of making different types of planning which can be beneficial for the growth of the country’s economy. Economic planning of India is undertaken by the planning commission however, the current planning was taken by NITI Aayog on January 1st, 2015. Different types of economic planning are “planning by direction and inducement”, “physical and financial planning”, “indicative and imperative planning”, “centralized and decentralized planning”, “fixed and rolling plans’. Economic planning has been adopted by different countries of the world for different reasons. However, the strongest factors of different countries differ from each other, and making the plan accordingly is very important for the economic growth of that country. The most important features of economic planning are focusing and making the objectives that the country wants to achieve, focusing on the central planning authority, democratic nature, comprehensiveness, having only an advisory role of the planning commission, rational allocation of resources, consumption planning, feasible targets, and policies.
See less