After the Indian independence in 1947, India embarked on a journey of planned economy until 2014 under Planning Commission. Afterwards, NITI Aayog replaced Planning Commission on 1 Jan 2015. It is much debatable whether Five Years planning system really worked or not. If India could have aligned itself more with the USA or adopted capitalist system earlier, the Indian economic picture could/might have been different. But there is no denying that it was not as easy choice as it seems today. Topics Covered: Why Planning? Types of Planning Historical Background: Planning Commission Five Year Planning Overview Why Planning? As long as the state-system exists in the world, there will always be some short of planning. Because not everything can be produced under market system. For example, infrastructure, schools, defense and others. That's why, Indian leaders after the independence took the road to plann...
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