Class 12 Economics Important Chapter 10 Common Goals of Five Years Plans

Class 12 Economics Important Chapter 10 Common Goals of Five Years Plans Solutions English Medium As Per The New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 12 Economics Important Solutions in English and select need one. AHSEC Class 12 Economics Additional Notes Download PDF. HS 2nd Year Economics Additional Solutions.

Class 12 Economics Important Chapter 10 Common Goals of Five Years Plans

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Common Goals of Five Years Plans

Chapter: 10

PART – B: INDIAN ECONOMIC DEVELOPMENT

IMPORTANT QUESTION AND ANSWER

Short Questions Answers:

1. What is economic planning?

Ans: A deliberate, time-bound program by a central authority to allocate resources and achieve specified socio-economic goals.

2. What do we mean by a mixed economy?

Ans: Coexistence of public and private sectors—state leads in strategic/low-profit, heavy-investment areas; private sector runs profit-oriented activities.

3. Name the three economic systems discussed.

Ans: Free market (capitalist), socialist, and mixed economy.

4. Why did India adopt planning after Independence?

Ans: To rebuild a shattered, resource-scarce economy, correct market failures, and pursue growth with social justice.

5. Define “indicative planning.”

Ans: The state guides with targets and directions; producers aren’t legally compelled to meet plan targets.

6. Who is associated with the Second Five-Year Plan’s strategy?

Ans: P.C. Mahalanobis.

7. What is meant by “Plan Holiday”?

Ans: 1966–69, when Five-Year Plans paused and three annual plans ran.

8. Mention any two common long-term goals of Indian planning.

Ans: Growth and modernization. (Also: self-reliance, equity.)

9. What does “self-reliance” mean in this context?

Ans: Reducing dependence on imports/external aid by building domestic capacity.

10. What does “modernization” include besides new technology?

Ans: A change in social outlook (e.g., gender equality, wider participation).

11. When was the Planning Commission established?

Ans: 15 March 1950.

12. When was NITI Aayog created?

Ans: 1 January 2015.

13. Who is the ex-officio Chairperson of NITI Aayog?

Ans: The Prime Minister of India.

14. What approach does NITI Aayog emphasize?

Ans: Bottom-up planning and cooperative federalism (“Team India”).

15. Give one limitation of relying only on market mechanism.

Ans: It can ignore social welfare and environmental costs, and concentrate economic power.