Government and the Economy 8th Notes KSEEB Social Science
→ Government plays an important role in promoting economic development and improving the welfare of the people.
→ When Indian attained independence in 1947, the economic conditions were deplorable. The per capita income, national Income low.
→ Planning refers to the deliberate actions of the government to systematically allocate and utilize available resources to achieve predetermind goal in the interest of all.
→ The planning commission was established in 1950.
→ The planning commission was replaced by the National Institute for transforming India (NITI Ayog) in 2015.
→ The general objectives of Indian planning are more, increasing the rate of economic growth, bring about modernisation in the economy, achieve self- reliance, development of financial institutions, balanced regional development etc.
→ Indian Planning is a classic example of very notable achievements and serious failures.
→ Increase in National Income and percapita income, development agriculture, industry, social infrastures, employment generations etc are the notable achievements from the planning commission.
→ Failures are slow growth the production and Income, rise in prices, increase in unemployment etc.
→ Many economists became dissatisfied with the performance of the Indian econmy especially the public sector enterprises.
→ The government have implemented various programmes for accelerating economic development.
→ Digital India, agricultural and rural development, Industrial development, social sector, urban development etc.