India’s economic planning framework has undergone significant changes since independence in 1947. Here’s an analysis of the key features and objectives of India’s economic planning framework in the post-independence period:

Early Years (1950-1960s):

1. Five-Year Plans: India adopted a five-year plan approach, with the first plan (1951-1956) focusing on rapid industrialization, agriculture, and infrastructure development.
2. Mixed Economy: The Indian government followed a mixed economy model, where the private sector was allowed to coexist with the public sector.
3. Public Sector Dominance: The government played a significant role in the economy, with state-owned enterprises (SOEs) dominating key sectors such as steel, coal, and banking.
4. Import Substitution: India’s economic policy was characterized by import substitution, where the government encouraged domestic production to replace imports.

Objectives:

1. Rapid Industrialization: To accelerate industrial growth and reduce dependence on foreign goods.
2. Economic Self-Sufficiency: To achieve self-sufficiency in food production and reduce dependence on imports.
3. Social Justice: To promote social justice and reduce economic inequality through targeted policies.

Later Years (1970s-1990s):

1. Structural Adjustment: The government implemented structural adjustment policies, which aimed to liberalize the economy, reduce government control, and promote foreign investment.
2. Deregulation: The government deregulated key sectors such as banking, insurance, and telecommunications.
3. Privatization: SOEs were privatized or disinvested to increase efficiency and competition.
4. Trade Liberalization: India liberalized its trade policy, reducing tariffs and quotas.

Objectives:

1. Economic Growth: To accelerate economic growth and reduce poverty.
2. Trade Liberalization: To promote international trade and attract foreign investment.
3. Deregulation: To promote competition and increase efficiency in key sectors.

Recent Years (2000s-present):

1. Inclusive Growth: The Indian government has emphasized the importance of inclusive growth, focusing on poverty reduction, social welfare, and human development.
2. Business Reforms: India has implemented various business reforms to improve the ease of doing business and attract foreign investment.
3. Infrastructure Development: The government has invested heavily in infrastructure development, including roads, ports, and airports.