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Economic Planning
Economic Planning
Planning may be defined as the conscious and deliberate choice of economic priorities by some
public authority.
It is the making of major economic decisionswhat and how much is to be produced, and to whom
it is to be allocated by the conscious decision of a determinate authority, on the basis of a
comprehensive survey of economic system as a whole.
The main steps of planning
Formulation of objectives or goals;
Fixing targets to be achieved and priorities of production of each sector of the economy;
Mobilization of the financial and other resources required for the execution of the plan;
Creation of the necessary organization or agency for execution of the plan; and
Creating assessment machinery for assessing the progress made.