A plan is a proposed list of goals that an economy wants to achieve within a specific period of time. It suggests the optimum ways to utilize the scarce available resources to achieve the enlisted goals. In India, planning is done for a period of five years, which is called a five-year plan. Plans have both specific and general goals. Some of the common goals are economic growth, modernization, self-reliance, and equity. Plans lay down the basic framework over which the policies are designed. Often various goals are conflicting with each other, for example, modernization reduces labor employment. So there is a need to maintain a balance among different goals.

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Define a plan.

Asked by Manjunath 21/12/2021 Last Modified 02/02/2022

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