Politics of Planned Development Flashcards

Vocabulary flashcards covering the key terms, economic models, political ideologies, and historic development plans outlined in the transcript on Indian planned development.

POSCO-India Steel Plant Controversy

A major economic development dispute in Jagatsinghpur district, Orissa, where villagers protested against a planned steel plant by a Korean company, fearing loss of displacement, home, and livelihood.

Left Ideology

A political stance that favors state control of the economy, prefers state regulation over free competition, and supports state intervention to achieve economic redistribution.

Right Ideology

A political stance asserting that free competition and a market economy best ensure economic progress, advocating minimal state intervention in the economy.

Planning Commission

A non-constitutional advisory body established in March 1950 by a Government of India resolution to formulate long-term development plans, chaired by the Prime Minister.

NITI Aayog

National Institution for Transforming India; an institution established on 1 January 2015 by the Government of India to replace the Planning Commission.

Bombay Plan

A joint proposal drafted in 1944 by a group of leading big industrialists in India advocating for state-led planning and major government initiatives in industrial investments.

Non-Plan Budget

The annual government budget allocation dedicated to routine administrative and recurring expenditure on a yearly basis.

Plan Budget

The portion of central and state government budgets spent on a five-year basis according to priorities set by the Five Year Plan.

First Five Year Plan

The economic development plan covering 1951–1956 (released in December 1951) that focused primarily on the agrarian sector, irrigation, dams like Bhakra Nangal, and land reforms.

K.N. Raj

A young economist involved in drafting the First Five Year Plan who argued that India should 'hasten slowly' for the first two decades to avoid endangering democracy.

Second Five Year Plan

An economic plan launched in 1956 that prioritized rapid industrialisation, heavy industries, public sector development, and protective tariffs on imports.

P.C. Mahalanobis

A renowned statistician and founder of the Indian Statistical Institute (1931) who served as the principal architect of the Second Five Year Plan.

Avadi Resolution

A resolution passed by the Congress party at its session in Avadi near Madras before the finalisation of the Second Plan, declaring a 'socialist pattern of society' as its primary goal.

Plan Holiday

A temporary pause in regular five-year planning taken in 1966 due to acute economic crisis and reduced novelty of the planning process when the Fourth Plan was due.