Objective of Economic Planning of India

The objective of planning in India has been to achieve rapid and balanced economic development while addressing the country's social and economic challenges. India is a diverse country with a large population and varied economic and social conditions. Planning has been crucial in ensuring that the benefits of economic development reach all sections of the society.The planning process in India started with the adoption of the First Five-Year Plan in 1951. Since then, India has had a series of Five-Year Plans that have set targets for various sectors of the economy. The objective of these plans has been to accelerate economic growth, reduce poverty, increase employment, and improve the standard of living of the people. Over the years, India's planning process has evolved to incorporate new challenges and opportunities. The planning process has been decentralized, with greater involvement of the states and local bodies. There has also been a shift towards a more market-oriented approach, with a focus on private sector-led growth. The objective of planning in India has been to create a self-reliant and self-sustaining economy that can meet the needs of its citizens. The planning process has helped India to achieve significant progress in various sectors, including agriculture, industry, and infrastructure. However, there are still challenges that need to be addressed, such as reducing regional disparities and ensuring inclusive growth.Overall, the objective of planning in India has been to achieve sustainable and inclusive economic development that benefits all sections of society. The planning process has been instrumental in shaping India's economic and social landscape, and continues to be an important tool for achieving the country's development goals.

1. Economic Development:The main objective of Indian planning is to achieve the goal of economic development economic development is necessary for under developed countries because they can solve the problems of general poverty, unemployment and backwardness through it. Economic development is concerned with the increase in per capita income and causes behind this increase.In order to calculate the economic development of a country, we should take into consideration not only increase in its total production capacity and consumption but also increase in its population. Economic development refers to the raising of the people from inhuman elements like poverty unemployment and ill heath etc.

Attainment of higher rate of economic growth received topmost priority in almost all the Five Year Plans of the country. As the economy of the country was suffering from acute poverty thus by attaining a higher rate of economic growth eradication of poverty is possible and the standard of living of our people can be improved.

The First Plan envisaged a target of 11 per cent increase in national income against which 18 per cent growth in national income was achieved. The Second, Third and Fourth Plan envisaged targets for annual growth rate of 5 per cent. 5.6 per cent and 5.7 per cent respectively against which the achievements were 4 per cent, 2.6 per cent and 3.4 per cent respectively.

Again the Fifth and Sixth Plan also proposed the annual growth rate of 4.37 per cent and 5.2 per cent against which the achievements were 5.0 per cent and 5.2 per cent respectively. The Seventh Plan also set the target of 5 per cent in respect of annual growth rate of national income.The Eighth Plan and the Ninth Plan set the target of 5.6 per cent and 7.0 per cent annual growth rate of national income against which the achievements were 6.5 per cent and 5.4 per cent respectively. The Tenth and Eleventh Plan set the target of 8.0 per cent and 9.0 per cent in its annual average growth rate of GDP. Thus attaining higher rate of economic growth is found as a common objective for all the Five Year Plans of our country.

2. Increase Employment:Another objective of the plans is better utilization of man power resource and increasing employment opportunities. Measures have been taken to provide employment to millions of people during plans. It is estimated that by the end of Tenth Plan (2007) 39 crore people will be employed.

To achieve this target the major programmes which were introduced during this Plan were Integrated Rural Development Programme (IRDP), the National Rural Employment Programme (NREP), the Operation Flood II Dairy Development Project, schemes in the villages and small industries sector the national Scheme of Training Rural Youth for Self Employment (TRYSEM) and various other components of the Minimum Needs Programme.

One of the major objectives of the Seventh Plan was a faster growth of employment opportunities. Thus the plan aimed that the employment potential would grow at 4 per cent as against the 2.6 per cent growth in the labour force. Again, the Eighth Plan envisages an annual employment growth of 2.6 to 2.8 per cent over the next ten years 1992-2002.

3. Self-Sufficient:It has been the objective of the plans that the country becomes self-sufficient regarding food grains and industrial raw material like iron and steel etc. Also, growth is to be self sustained for which rates of saving and investment are to be raised. With the completion of Third Plan, Indian economy has reached the take off stage of development. The main objective of the Tenth Plan is to get rid of dependence on foreign aid by increasing export trade and developing internal resources.

4. Economic Stability:Stability is as important as growth. It implies absence of frequent end excessive occurrence of inflation and deflation. If the price level rises very high or falls very low, many types of structural imbalances are created in the economy.

Economic stability has been one of the objectives of every Five year plan in India. Some rise in prices is inevitable as a result of economic development, but it should not be out of proportions. However, since the beginning of second plan, the prices have been rising rather considerably.

5. Social Welfare and Services:The objective of the five year plans has been to promote labour welfare, economic development of backward classes and social welfare of the poor people. Development of social services like education, health, technical education, scientific advancement etc. has also been the objective of the Plans.

6. Regional Development:Different regions of India are not economically equally developed. Punjab, Haryana, Gujarat, Maharashtra, Tamil Nadu, Andhra Pradesh etc. are relatively more developed. But U.P., Bihar, Orissa, Nagaland, Meghalaya and H.P. are economically backward. Rapid economic development of backward regions is one of the priorities of five year plans to achieve regional equality.

7. Comprehensive Development:All round development of the economy is another objective of the five year plans. Development of all economic activities viz. agriculture, industry, transport, power etc. is sought to be simultaneously achieved. First Plan laid emphasis on the development of agriculture. Second plan gave priority to the development of heavy industries. In the Eighth Plan maximum stress was on the development of human resources.

8. To Reduce Economic Inequalities:Every Plan has aimed at reducing economic inequalities. Economic inequalities are indicative of exploitation and injustice in the country. It results in making the rich richer and the poor poorer. Several measures have been taken in the plans to achieve the objectives of economic equality specially by way of progressive taxation and reservation of jobs for the economically backward classes. The goal of socialistic pattern of society was set in the second plan mainly to achieve this objective.

9. Social Justice:Another objective of every plan has been to promote social justice. It is possible in two ways, one is to reduce the poverty of the poorest section of the society and the other is to reduce the inequalities of wealth and income. According to Eighth Plan, a person is poor if the spends on consumption less than Rs. 328 per month in rural area and Rs. 454 per month in urban area at 1999-2000 prices. About 26 percent of Indian population lives below poverty line. The tenth plan aims to reduce this to 21%.

10. Increase in Standard of Living:The other objective of the plan is to increase the standard of living of the people. Standard of living depends on many factors such as per capita increase in income, price stability, equal distribution of income etc. During the period of Plans, the per capita income at current prices has reached only up to Rs. 20988.

All round development of the economy is another objective of the five year plans. Development of all economic activities viz. agriculture, industry, transport, power etc. is sought to be simultaneously achieved. First Plan laid emphasis on the development of agriculture. Second plan gave priority to the development of heavy industries. In the Eighth Plan maximum stress was on the development of human resources.

11. Modernization of Various Sectors: Another very important objective of Five Year Plans of our country was the modernization of various sectors and more specifically the modernization of agricultural and industrial sectors. The Fourth Plan laid much emphasis on the modernization of agricultural sector and undertook a vigorous scheme for modernization of agriculture in the name of Green Revolution. The successive plans also continued their efforts in the same direction but at a reduced rate.

The Sixth Plan categorically mentioned this objective of modernization for the first time. Here the objective of modernization means those structural and institutional changes in economic activities which can transform a feudal and colonial economy into a progressive and modern economy. Thus through modernization economy may be diversified.

It requires setting up of various types of industries and advancement of technology. In the mean time some sort of modernization always gone against employment generation thus the country is facing a conflict between the objective of modernization and the objective of removal of unemployment and poverty. 

The Indian Currency History....

The rupee in your pocket has a mysterious past. Behind Mahatma Gandhi’s smiling face lies a long history of struggle, exploration, and wealth that can be traced back to the ancient India of the 6th century BC. Let’s demystify this history by bringing you the interesting stories about how Indian currency has evolved over the ages into the rupee of today.Ancient Indians were the earliest issuers of coins in the world, along with the Chinese and Lydians (from the Middle East). The first Indian coins – punch marked coins called Puranas, Karshapanas or Pana – were minted in the 6th century BC by the Mahajanapadas (republic kingdoms) of ancient India. These included Gandhara, Kuntala, Kuru, Panchala, Shakya, Surasena, and Saurashtra.

Then came the Mauryas who punch marked their coins with a royal standard. Chanakya, prime minister to the first Mauryan emperor Chandragupta Maurya, mentions the minting of coins such as rupyarupa (silver),  suvarnarupa (gold), tamararupa (copper) and sisarupa (lead) in his Arthashastra treatise.

The Indo-Greek Kushan kings who came next introduced the Greek custom of engraving portrait heads on coins. Their example was followed for eight centuries. The extensive coinage of the Kushan empire also influenced a large number of tribes, dynasties, and kingdoms, which began issuing their own coins.

The Gupta Empire produced large numbers of gold coins depicting the Gupta kings performing various rituals. This tradition of intricately engraved coins continued till the arrival of the Turkish Sultanate in North India.

By the 12th century AD, the Turkish Sultans of Delhi had replaced the royal designs of Indian kings with Islamic calligraphy. The currency – made in gold, silver and copper – was now referred to as tanka, with the lower valued coins being called jittals. The Delhi Sultanate also attempted to standardise the monetary system by issuing coins of different values.

By the time the British East India Company set itself up in India in the 1600s, Sher Shah’s silver rupiya had already become the popular standard currency in the country. Despite many attempts to introduce the sterling pound in India, the rupaiya grew in popularity and was even exported as a currency to other British colonies.

In 1717 AD, the English obtained permission from Mughal emperor Farrukh Siyar to coin Mughal money at the Bombay Mint. The British gold coins were termed carolina, the silver coins angelina, the copper coins cupperoon, and the tin coins tinny.

Paper money was first issued in British India in the 18th century, with the Bank of Hindostan, General Bank in Bengal and the Bengal Bank becoming the first banks in India to issue paper currency.

In 1862, the Victoria portrait series of bank notes and coins were issued in honour of Queen Victoria and later, many emperors followed suit. For security reasons, the notes of this series were cut in half; one half was sent by post and upon confirmation of receipt, the other half was sent.

The Reserve Bank of India was formally set up in 1935 and was empowered to issue Government of India notes.  RBI also printed 10,000 rupee notes (the highest denomination RBI has ever printed in its history) that were later demonetised after independence.

On August 15, 1950, the new ‘anna system’ was introduced – the first coinage of the Republic of India. The British King’s portrait was replaced with the engraving of Ashoka’s Lion Capital of Sarnath, and the tiger on the 1 rupee coin was replaced with a corn sheaf. One rupee now consisted of 16 annas.

The 1955 Indian Coinage (Amendment) Act, which came into force on April 1, 1957, introduced a ‘decimal series’. The rupee was now divided into 100 paisa instead of 16 annasor 64 pice.The coins were initially called naye paise, meaning new paise, to distinguish them from the previous coins.

Also, prior to Independence, the Indian currency was pegged against silver. The silver-based rupee fluctuated according to the value of silver and had a distinct disadvantage when trading against currencies that were based on the gold standard. This was rectified post-Independence.

Later, in 1996, the ‘Mahatma Gandhi Series’ was introduced with prominent new features such as changed watermarks, windowed security threads, latent images, and intaglio features for the visually handicapped. This was replaced in 2005 by the ‘MG series’ notes that had some additional security features.

In 2010, India celebrated its hosting of the Commonwealth Games with commemorative 2 and 5 Rupee coins. One side of these coins features the logo of the Games while the other features the three lions from the pillar of Ashoka. In the same year, India also adopted the new symbol for the rupee ₹, with new coins bearing this symbol being launched in 2011.

Since 2010, other commemorative coins have also been issued – 60th anniversary of the Indian Parliament, 150th anniversary of Swami Vivekananda, and more recently, International Day of Yoga.

Thanks.....

Other Countries That Have Attempted Demonetisation In The Past....

India is not a stranger to demonetisation as Prime Minister Narendra Modi recently marked the third time in history that currency notes have been demonetised in India. However, the recent currency ban of Rs 500 and Rs 1000 notes is the biggest currency ban in India’s history, making more than 80 percent of hard cash in circulation effectively worthless.

As the country adjusts to the new currency norms, here is a list of other countries that attempted demonetisation, sometimes with not so successful results.

Soviet Union

In January 1991 under the leadership of Mikhail Gorbachev the country withdrew 50 and 100 ruble notes from circulation in an attempt to remove black money and increase the currency value. The removed notes formed around one third of the total money in circulation.

The large scale demonetisation was not successful and Gorbachev faced a coup merely months later in August, however the 1991 attempt led to a successful redenomination of the ruble in 1998 where 3 zeros were removed, which was followed by another currency switch in 2010 when 2 more zeros were removed from the old currency. The 2010 attempt was not as successful as the timing coincided with a poor harvest.

Zaire

In the early 1990s, the Dictator Mobutu Sese Seko administration rolled out successive currency reforms along with a plan to withdraw obsolescent currency from the system in 1993. The successive reforms resulted in increasing economic disruptions until Mobutu was ousted in 1997.

Myanmar

The military invalidated nearly 80 percent of the value of money in circulation in 1987, in an attempt to curb the black market. The action triggered the first student demonstration in years, before a government crackdown came into affect the next year.

Ghana

In 1982, the country demonetised its 50 cedi currency note to reduce tax evasion, address corruption and clear excess liquidity, however the move resulted in the public turning to foreign currency and physical assets. The general public lost confidence in the banking system and a fresh black market for currency began.

Nigeria

Military government led by Muhammadu Buhari conducted an anti-corruption crackdown in 1984, issuing new currency notes with new colours so that old notes would be rendered unusable within a limited time frame. The goal had been to fix a debt-ridden and inflated economy but was not successful.

India has successfully adapted to changes in currency twice in the past.

Demonetisation

Demonetization is the act of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.

                                 

Impacts of on Indian Economy?                                                             

Demonetization is a generations’ memorable experience and is going to be one of the economic events of our time. Its impact is felt by every Indian citizen. Demonetization affects the economy through the liquidity side. Its effect will be a telling one because nearly 86% of currency value in circulation was withdrawn without replacing bulk of it. As a result of the withdrawal of Rs 500 and Rs 1000 notes, there occurred huge gap in the currency composition as after Rs 100; Rs 2000 is the only denomination.

Absence of intermediate denominations like Rs 500 and Rs 1000 will reduce the utility of Rs 2000. Effectively, this will make Rs 2000 less useful as a transaction currency though it can be a store value denomination.

Demonetization technically is a liquidity shock; a sudden stop in terms of currency availability. It creates a situation where lack of currencies jams consumption, investment, production, employment etc. In this context, the exercise may produce following short term/long term/, consumption/investment, welfare/growth impacts on Indian economy.

The intensity of demonetization effects clearly depends upon the duration of the liquidity shocks.                                       

                                        

Following are the main impacts.

1. Demonetization is not a big disaster like global banking sector crisis of 2007; but at the same time, it will act as a liquidity shock that disturbs economic activities.                     
2.                 
3. Liquidity crunch (short term effect):
1. liquidity shock means people are not able to get sufficient volume of popular denomination especially Rs 500.  This currency unit is the favourable denomination in daily life. It constituted to nearly 49% of the previous currency supply in terms of value. Higher the time required to resupply Rs 500 notes, higher will be the duration of the liquidity crunch. Current  reports indicate that all security printing press can print only 2000 million units of RS 500 notes by the end of this year. Nearly 16000 mn Rs 500 notes were in circulation as on end March 2016. Some portion of this were filled by the new Rs 2000 notes. Towards end of March approximately 10000 mn units will be printed and replaced. All these indicate that currency crunch will be in our economy for the next four months.
4. Welfare loss for the currency using population:
5. 
   
1. Most active segments of the population who constitute the ‘base of the pyramid’ uses currency to meet their transactions. The daily wage earners, other labourers, small traders etc. who reside out of the formal economy uses cash frequently. These sections will lose income in the absence of liquid cash. Cash stringency will compel firms to reduce labour cost and thus reduces income to the poor working class.There will be a trickle up effect of the liquidity chaos to the higher income people with time.
6. Consumption will be hit:
7. When liquidity shortage strikes, it is consumption that is going to be adversely affected first.

Consumption ↓→ Production ↓→ Employment ↓→ Growth ↓→ Tax revenue ↓     

  Loss of Growth momentum-

India risks its position of being the fastest growing largest economy: reduced consumption, income,    investment etc. may reduce India’s GDP growth as the liquidity impact itself may last three -four months.

Impact on bank deposits and interest rate:

Deposit in the short term may rise, but in the long term, its effect will come down. The savings with the banks are actually liquid cash people stored. It is difficult to assume that such ready cash once stored in their hands will be put into savings for a long term. They saved this money into banks just to convert the old notes into new notes. These are not voluntary savings aimed to get interest. It will be converted into active liquidity by the savers when full-fledged new currency supply take place. This means that new savings with banks is only transitory or short-term deposit. It may be encashed by the savers at the appropriate time. It is not necessary that demonetization will produce big savings in the banking system in the medium term. Most of the savings are obtained by biggie public sector banks like the SBI. They may reduce interest rate in the short/medium term. But they can't follow it in the long term.

 

Impact on black money:

Only a small portion of black money is actually stored in the form of cash. Usually, black income is kept in the form of physical assets like gold, land, buildings etc. Hence the amount of black money countered by demonetization depend upon the amount of black money held in the form of cash and it will be smaller than expected. But more than anything else, demonetization has a big propaganda effect. People are now much convinced about the need to fight black income.  such a nationwide awareness and urge will encourage government to come out with even strong measures.

 

Impact on counterfeit currency:

The real impact will be on counterfeit/fake currency as its circulation will be checked after this exercise.

 

Demonetization as a cleaning exercise may produce several good things in the economy. At the same time, it creates unavoidable income and welfare losses to the poor sections of the society who gets income based on their daily work and those who doesn’t have the digital transaction culture. Overall economic activies will be dampened in the short term. But the unmeasurable benefits of having more transparency and reduced volume of black money activities can be pointed as long term benefits. 

New 500 and 1000

Printing and issuing currency notes is the sole authority of the reserve bank of India (RBI) which central bank of the country.  over the period of time central bank change the design of banknotes to avoid the problem of counterfeit notes and sometimes banks take action like demonetization of currency notes.

GST (goods and service tax)

 GST

As the name suggests, it is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, excise duty etc. This is how it is done in most developed countries. It will be a comprehensive nationwide indirect tax on the manufacture, sale, and consumption of goods and services. The aim is to have one indirect tax for the whole nation, which will make India a unified common market. GST will be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method and would make not just manufacturing but also the interstate transportation of goods more efficient.

 How will GST work and what all will it subsume?

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

At the central level, the following taxes will be subsumed: Central Excise Duty, Additional Excise Duty, Service Tax, Countervailing Duty (Additional Customs Duty), and Special Additional Duty of Customs.

At the State level, the following taxes will be subsumed: State Value Added Tax/Sales Tax, Entertainment Tax, Central Sales Tax, Octroi and Entry tax, Purchase Tax, Luxury tax, and Taxes on the lottery betting and gambling.

How will GST be beneficial?

The benefits of GST can be summarized as under:

• For business and industry

     1.    Easy compliance
2. Uniformity of tax rates and structures
3. Removal of cascading
4. Improved competitiveness
5. Gain to manufacturers and exporters

• For Central and State Governments

     1.    Simple and easy to administer
2. Better controls on leakage
3. Higher revenue efficiency

• For the consumer

     1.    Single and transparent tax proportionate to the value of goods and services
2. Relief in overall tax burden

2.    What are the Earlier Opposition’s objections?

 The opposition party 'Congress' wants a provision capping the GST rate at 18 percent to be added to the Bill itself. It also wants to scrap the proposed 1 per cent additional levy (over and above the GST) for manufacturing states. This levy was demanded by manufacturing states who argued that they needed to be compensated for the investment they had made in improving their manufacturing capabilities. The Centre had agreed to this demand to encourage the states to support the GST Bill.

 The next demand by the Congress was to change the composition of the GST council—the body that decides the various nitty-grittys like rates of tax, period of levy of an additional tax, principles of supply, special provisions to certain states, etc. The proposed composition is for the Council to be two-thirds comprised from states and one-third from the Centre.

The Congress also wants the Centre’s share to be reduced to one-fourth. This demand, however, was rejected by even the Rajya Sabha Standing Committee.

·         By when will it be implemented?

·         Assuming the Constitution Amendment Bill does pass in the Monsoon Session, GST will still not be in force before April 1, 2017. And that is putting it optimistically. Apart from the legislative process mentioned above, the states, India Inc, and industries and service providers big and small, will also have to prepare themselves for a completely new nationwide tax regime.

·         How would GST be administered in India?

·         There will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. The tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.

·          

·         The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilization of credit would be permitted.

      etc...... thanks

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Economics theory&their writers name

theory	writer name
theory of clubs	james buchanan
imposibility therom	kenneth arrow
political of decision making model	anthony downs
optimum provison of local public goods	charles tiebout
swarn like cluster	schumpeter
organic composation of capital	karl mark
sustainable development	brundtland report
vicious circle of poverty	ragner nurkse
low level of equilibrium trap	nelson
inverted v shaped income distribution hypothesis	simon kuznets
endogenous growth theory	robert solow
unlimited supply of labour	arthur lewis
example of dimond and water	adam smith
the screening hypoothesis	paul w. miier and paul a. volcker
job market signalling	m. spencer
the problem of moaral hazard in case of	J.k. arrow
medical insurance
the market of lemons	george A.Akerlof
liquidity trap	j.m. keynes
demostration effect	james duesenberry
permanent income hypothesis	milton friedman
wealth effect	A.C. pigou
concept of X-efficiency	H.leibenstein in 1966
golden age	mrs. joan robinson
goleden rule of accumulation	edmund phelfs
steady state growth	robert solow
financial dualism theory	h.myint
portfolio approch to demand money	j.m. keynes
the capicty creating aspect of investment	r.m. solow
in the growth model theory
role of non economic factor in explaing growth	r.m. solow
backward and forward linkages	unbalanced growth
turnpike theorem	von neumann model
organic composation of capital	marxian model
a.k. producation funcation	endogenous growth model
law level equilibrium trap	nelson R
critical minimum effect	leibenstein H.
big push	Rodan R
unbalanced growth	Hirchman A
voluntary exchange approch	wicksell-lindahll
the theory of local public goods	charles tiebout
time pattern of public expenditure growth	peacock-wiseman
principle of least aggregate sacrifice	A.C. pigou
principle of absolute advantage	adam smith
effect of factor of endowment change on trade	samuelson
theory of reciprocal demand	j.s mills
factor price equalisation	Rybczynski
highbrid index number	Yule
association of attributes	Gulton
rank correlation	marshall -edgeworth
regression	spearman
wages goods model	p.r. brahmananda
circuler flow of economic life	Joseph-schumpeter
stability of demand funcation for money	milton friedman
demand inflaton theory	Bent henson
interest elasticity of transactions demand for cash	james tobin
real balance effect	don patinkin
absolute income hypothesis, genral theory	j.m. keynes
rational expectation hypothesis	robert lucas
relative income hypothesis	james duesenberry
the new keynesian model	N.Gregory mankiew....   ........etc

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