Economic Planning Process

Economic Planning in India is looked after by Planning Commission under the Chairmanship of the Prime Minister of the Country. It is not a constitutional Body, but has acquired very powerful status. Planning Commission in India was established in 1950 to develop India on a fast track. The administrators of India at the time of independence were highly impressed by the rapid growth of The then USSR and wanted to achieve the same rate for India. It for these reason we choose the path of Planning.
Planning is done after the careful survey of all available resources and wants of a country to achieve desired objectives in a per-defined period in India we have adopted a method of Five Year Plan. Planning Commission works as a Central Planning Body , although these days targets and resources are surveyed at local level and then the figures are consolidated at the State and National Level.
Characteristics of Economic Planning in India:
1. Continuous Process
2. Definite Period
3. Well defined Objectives
4. Well defined targets
5. Developed Administrative Machinery for preparation and Implementation
6. Goal of Social welfare
7. Continuous and regular monitoring.
Period of Planning:
First            1951-1956                              
Second       1956-1961
Third           1961-1966

Plan Holiday three Annual Plans  1966-69
Fourth           1969-1974   
Fifth              1974-1979
Annual Plan   1979- 1980
Sixth             1980-1985
Seventh         1985-1990
Annual Plans  1990- 1992
Eight             1992-1997
Ninth           1997-2002
Tenth             2002-2007
Eleventh        2007-2012
Twelfth          2012-2017