Question
Download Solution PDFIndicative planning started from:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFIndicative planning refers to a flexible and advisory form of economic planning where the government sets broad targets and guidelines while allowing market forces to operate.
Key Points
- Indicative planning in India started with the Eighth Five-Year Plan (1992–1997). This was a significant shift in planning methodology as it marked India's transition towards economic liberalization and market-oriented reforms.
- The Eighth Plan focused on promoting private sector participation, reducing government control, and setting broad development targets instead of rigid directives.
- The economic reforms of 1991, which introduced liberalization, privatization, and globalization (LPG), played a crucial role in this shift.
Thus, it is concluded that Indicative planning started from Eighth plan.
Hint
- Seventh Plan (1985–1990) emphasized productivity and modernization but still followed directive planning.
- Sixth Plan (1980–1985) focused on poverty reduction and self-reliance, not indicative planning.
- Fifth Plan (1974–1978) introduced growth-focused strategies but remained under centralized planning.
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