History of Planning in India

First of all the idea of planned economy was crystallized in 1930s when our national leaders came under the influence of socialist philosophy. India’s Five year plans were very much impressed by the rapid strides achieved by the USSR through ..

Economic Planning

Economic Planning refers to any plans of economic activity which point to achieve specific social and economic outcomes. The planning mechanism involves the specific economic or social outcomes. The philosophy of planning is that only markets and price system cannot ..

Regional Disparity in India

‘Unity in diversity’ is a fundamental characteristic of India. The growth pattern of Indian Economy has reflected in various dimensions of social, economic, political, geographical, religious, cultural and linguistic diversities. Reasons for Disparity Natural Resources Most important reason for regional ..

India’s Gini Coefficient

Gini coefficient represents the income distribution of a country’s residents. It was developed by the Italian statistician and sociologist Corrado Gini. It measures the inequality. The coefficient ranges from zero to one, with zero representing perfect equality and one showing ..

Inclusive growth and issues arising from it

Inclusive growth has been defined differently by different organizations and scholars. The dictionary meaning of the term “inclusive” is “comprehensive”, “including all extremes” and “not excluding any section of the society”. UNDP has defined inclusive growth as “the process and ..

Human Capital Formation

Human capital refers to stock of ‘skill and expertise’ embodied in humans. Human capital is as important as physical capital for economic development. Human capital formation is the process of adding to stock of human capital over time. Human capital ..

Capital Formation in Economic Development

Development of a nation without the availability of adequate capital either in the form of physical capital or in the form of human capital is not possible. The higher the rate of capital formation (physical as well as human), the ..

Determinants of Development

The process of development depends on a host of factors like natural resources, physical and human capital, technology, socio-politico-economic structure of the country. Determinants of development are broadly classified into economic factors and non-economic factors. Economic Factors as determinants of ..

Underdevelopment: Concept and Meaning

World Development Report categorizes economies on the basis of income in three categories viz. high income, middle income and low income economies. Usually, high income countries are known as developed / advanced economies while low income countries are known as ..

Concept of Sustainable Development

Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Thus, it takes into account both the present and future generations without over exploitation of natural resources ..