Indian Economic System and Planning

Vocabulary-style flashcards covering the transition of the Indian economic system, the role of economic planning, and key administrative bodies like the Planning Commission and NITI Aayog.

Mixed Economy

An economic system adopted by India that combines the best features of both Socialist and Capitalist Economy, featuring a strong public sector alongside private property and democracy.

Economic Planning

The process of making major economic decisions (what, how and for whom to produce) by a determinate authority based on a comprehensive survey of the economy as a whole.

Plan

A document showing a detailed scheme, program, and strategy, worked out in advance for fulfilling an objective within a specified time period.

Five Year Plans

The planning documents in India created for a duration of five years to achieve predetermined goals.

Perspective Plans

The long-term vision in plan documents specifying what is to be achieved over a period of 20 years.

P.C. Mahalanobis

The individual known as the Architect of Indian Economic Planning.

Industrial Policy Resolution of 1948

A resolution that, along with the Directive Principles of the Indian Constitution, assigned a leading role to the public sector in the Indian economy.

Planning Commission

An organization set up by the Government of India in 1950 under the chairmanship of Pandit Jawaharlal Nehru to make economic planning effective.

NITI Aayog

Standing for National Institution for Transforming India, this body was formed by a Cabinet Resolution on 1st January 2015 to replace the Planning Commission.

Chairman of NITI Aayog

The Prime Minister, who serves as the ex-officio head of the organization.

Goals of Five Year Plans

The core objectives focused on removing economic backwardness and making India a developed country.