There are various types of planning under different economic systems depending upon the extent of Government control. It is totalitarian and highly centralized in socialist countries, democratic and indicative in countries like France. The NITI Aayog is the new planning body replacing Planning Commission in India. Glossary Growth : Economic growth refers to an increase in real GDP , which means an increase in the value of national output/national expenditure.
Development : The systematic use of scientific and technical knowledge to meet specific objectives and requirements. S ocial Indicators : The basic needs for development such as health, education, sanitation, water, food etc. Capital accumulation : The process of addition to the existing stock of capital Financial Planning : Techniques of planning in which resources are allocated in terms of money Physical Planning : Techniques of planning in which resources are allocated in terms of men, materials and machinery Perspective Planning : Long term planning i.e. for a period of years or more Underdevelopment : Underdevelopment is low level of development characterized by low real per capita income, widespread poverty, lower level of literacy, low life expectancy, underutilization of resources etc.
- - Economics of Development and Planning Part-A Multiple Choice Questions M O D E L Q U E S T I O N S H uman Capital : Education and training that make human beings more productive. Vicious Circle of Poverty : Circular relationships that tend to perpetuate the low level of development in Less Developed Countries. Planning : It is the process of thinking about the activities required to achieve directed goals. Centralized Planning : Centralized planning means the power of planning and decision making are exclusively in the hands of top management.
. "Redistribution with Growth" became popular slogan of which approach? a) Traditional approach b) New welfare oriented approach c) Industrial approach d) None of the above . Which is not the feature of economic growth?