{"id":15118,"date":"2022-02-13T15:53:35","date_gmt":"2022-02-13T10:23:35","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=15118"},"modified":"2025-01-01T12:00:18","modified_gmt":"2025-01-01T06:30:18","slug":"features-of-economic-planning","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/","title":{"rendered":"10 Features of Economic Planning | Free Economic Blogs"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eae85a2b2b9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eae85a2b2b9\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#Features_of_Economic_Planning\" >Features of Economic Planning<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#Meaning_and_Definition_of_Economic_Planning\" >Meaning and Definition of Economic Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#Features_of_Economic_Planning-2\" >Features of Economic Planning<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#1_Central_Planning_Authority\" >1) Central Planning Authority<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#2_A_Survey\" >2) A Survey<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#3_Objectives\" >3) Objectives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#4_Priorities_and_targets\" >4) Priorities and targets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#5_Mobilisation_of_Resources\" >5) Mobilisation of Resources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#6_Plan_Period\" >6) Plan Period<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#7_Evaluation\" >7) Evaluation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#8_Continuous_Process\" >8) Continuous Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#9_Co-ordination\" >9) Co-ordination<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-economic-planning\/#10_Flexibility\" >10) Flexibility<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-text-align-center has-black-color has-text-color wp-block-heading\"><span class=\"ez-toc-section\" id=\"Features_of_Economic_Planning\"><\/span>Features of Economic Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/Features-of-Economic-Planning-1024x576.jpg\" alt=\"Features of Economic Planning\" class=\"wp-image-15150 lazyload\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/Features-of-Economic-Planning-1024x576.jpg 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/Features-of-Economic-Planning-300x169.jpg 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/Features-of-Economic-Planning-768x432.jpg 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/Features-of-Economic-Planning-1536x864.jpg 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/Features-of-Economic-Planning-640x360.jpg 640w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/Features-of-Economic-Planning.jpg 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption>Features of Economic Planning<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_and_Definition_of_Economic_Planning\"><\/span>Meaning and Definition of Economic Planning<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Economic planning is a time-bound program to achieve certain objectives with the help of available resources by the planning authority.<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>According to Dr. H. D. Dickinson<\/strong>: \u201c&#8221;Economic planning is the making of major economic decisions such as what and how much to be produced how, when and where it is to be produced, to whom it is to be allocated by the conscious decision of the determinate authority, on the basis of a comprehensive survey of the economy as a whole&#8221;.<\/p><\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>According to Prof. Seligman:<\/strong> &#8220;Planning is a conscious and deliberate choice of economic priorities by some public authority.&#8221;<\/p><\/blockquote>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/scholarsclasses.com\/blog\/microeconomic-definition\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/microeconomic-definition\/\"><strong>Microeconomic Definition | Historical Review of Microeconomics<\/strong><\/a><\/li><li><a href=\"https:\/\/scholarsclasses.com\/blog\/scope-of-microeconomics\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/scope-of-microeconomics\/\" rel=\"noreferrer noopener\"><strong>Scope Or Nature of Microeconomics<\/strong><\/a><\/li><li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/features-of-microeconomics\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/features-of-microeconomics\/\" rel=\"noreferrer noopener\">Features of Microeconomics<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/importance-of-microeconomics\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/importance-of-microeconomics\/\" rel=\"noreferrer noopener\">Importance of Microeconomics<\/a><\/strong><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Features_of_Economic_Planning-2\"><\/span>Features of Economic Planning<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Economic planning has the following features<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Central_Planning_Authority\"><\/span>1) Central Planning Authority  <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Central Planning Authority in a country undertakes economic planning. In India, it was known as Planning Commission. It has been replaced by National Institution for Transforming India i.e. NITI Aayog since 2015.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_A_Survey\"><\/span>2) A Survey<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>A comprehensive survey of the economy is undertaken regarding the availability and utilization of human and<br>natural resources.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Objectives\"><\/span>3) Objectives<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Economic planning is based on certain pre-determined objectives which are realistic and flexible.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Priorities_and_targets\"><\/span>4) Priorities and targets<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Priorities are fixed according to the importance of each sector for accelerating economic development.<br>Target is the concrete step towards the attainment of objectives.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Mobilisation_of_Resources\"><\/span>5) Mobilisation of Resources<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><strong> <\/strong>The resources needed for planning are mobilized through various sources like taxation, domestic savings, deficit financing, public debt, external assistance etc.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Plan_Period\"><\/span>6) Plan Period<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The plan period varies as per needs. In countries like India, planning is generally for a period of five years.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Evaluation\"><\/span>7) Evaluation<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Periodic assessment such as mid-term appraisal is done to incorporate necessary changes in priorities and targets of the plan.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Continuous_Process\"><\/span>8) Continuous Process <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Economic planning is a continuous process. It aims at the economic development of the country.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Co-ordination\"><\/span>9) Co-ordination <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>States of the country also undertake economic planning along with the center. Thus, coordination between the center and states is ensured.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Flexibility\"><\/span>10) Flexibility <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Central Planning Authority maintains flexibility in its approach. This makes it possible to incorporate necessary<br>changes in the plan as per requirements during its implementation.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/importance-of-law-of-diminishing-marginal-utility\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/importance-of-law-of-diminishing-marginal-utility\/\" rel=\"noreferrer noopener\">Importance of Law of Diminishing Marginal Utility<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/utility-in-economics-meaning-concepts\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/utility-in-economics-meaning-concepts\/\" rel=\"noreferrer noopener\">Utility in Economics ( Concepts of Utility )<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/features-of-utility\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/features-of-utility\/\" rel=\"noreferrer noopener\">Features of Utility<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/types-of-utility\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/types-of-utility\/\" rel=\"noreferrer noopener\">Factors Influencing the Elasticity of Demand<\/a><\/strong><\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":15150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10,1],"tags":[4641],"class_list":["post-15118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-educational-blogs","category-misc","tag-features-of-economic-planning"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/15118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=15118"}],"version-history":[{"count":1,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/15118\/revisions"}],"predecessor-version":[{"id":31321,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/15118\/revisions\/31321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/15150"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=15118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=15118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=15118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}