ranjan

After India gained Independence in 1947 it basically had to rebuild its economy from scratch. The leaders of those times had to pick the type of economy India would be and also outline economic planning as well. This is where the five year plan was born. The concept of economic planning in India is derived from Russia (now USSR). Since 1951 to 2017 India has launched 12 five year plans.  From 1947 to 2017, Indian economy is committed to the concept of planning. This planning was carried through the Budget and five years plan developed, executed and monitored by Planning Commission (1951-2014) and Niti Aayog (2014 -2017).   It is due to the following basic facts about Indian economy, five year plans acquired more significance: 1. Country's savings were very low and could only be raised substantially if the Government follows totalitarian methods (form of Govt. which includes control of everything under one authority and allows no opposition). This is against the principles of our Go