India never followed imperative planning and its planning has been 'indicative' since India launched planning. Plannings of the 'State Economics' (Communist and Socialist economies) were always imperative in nature.

Indian planning has been a process of economic planning and had nothing to do with the 'social' aspects of the country. India follows 'systemic' approach to planning rather than 'normative'.

A measure of the physical quantity of the goods or services produced through a government scheme or programme is called output.

The financial system in India is typically categorized into financial institutions, financial markets, and financial instruments. Personal finance refers to individual money management and is not a structural component of the national financial system.

India’s commitment to planned economic development is a reflection of our society’s determination to improve the economic conditions of our people and an affirmation of the role of the government in bringing about the growth performance through a variety of social, economic and institutional means. The ultimate objective of the Indian planning is to achieve broad based improvement in the living standard of society at large. Rapid growth is essential for expanding incomes and employment. It provides the required resources to finance programmes of social uplift.

This has been the basic change in the process of planning during the reform era. Planning has not lost its relevance but it has gone for its definition as such.

Planning processes of all the non-state Economies (i.e., either Communist or the Socialist economies ) did belong to the 'imperative' (or target) planning. Planning by the Mixed Economies are of 'indicative' type.

The things,which the GoI did in the name of following planning more inclined towards being 'indicative' was called 'rolling back' of the State (this is a word used by the 'critics ' of the government policy). The 'strategic disinvestment ' was part of it.

Governing Council does not only includes the CMs of states and Lt. Governors/ Chief Administrators of the UTs but it plays a more organic role in the decision making process of the Niti Aayog. Once the centrally sponsored schemes (CSSs1 have been restructured and high flexibility given to the states in their implementation the TPP looks an outdated programme.

The National Development Council or Rashtriya Vikas Parishad is the apex body for decision creating and deliberations on development matters in India, presided over by the Prime Minister

India after becoming independent, planning commission was introduced on 15 March 1950 by Indian government to improve standards of living of people who were deprived for centuries. First chairman of planning commission in India was Jawaharlal Nehru as he was the Prime Minister then.

The author of 'Planned Economy for India' is M. Visveswaraiah.
Mokshagundam Visvesvaraya,
KCIE was an Indian engineer, scholar, statesman and the Diwan of Mysore from 1912
to 1918. He is a recipient of the Indian Republic's highest honour, the Bharat
Ratna, in 1955. He was knighted as a Knight Commander of the British Indian
Empire (KCIE) by King George V for his contributions to the public good. 15
September is celebrated as Engineer's Day in India in his memory. He is held in
high regard as a pre-eminent engineer of India. He was the chief engineer
responsible for the construction of the Krishna Raja Sagara dam in Mysore as
well as the chief designer of the flood protection system for the city of Hyderabad.

After India achieved Independence, a formal model of planning was adopted, and accordingly the Planning Commission, reporting directly to the Prime Minister of India, was established on 15 March 1950.

Economic planning is a term used to describe the long term plans of an incumbent government to manage the economy. Economic planning is a common feature of big government and usually dictates increased spending and deficits to fund government programs and public works projects. During the 20th century, in order to achieve faster economic development, many countries adopted economic planning.

Welfare states is a concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. A welfare state is based on the principles of equality of opportunity, equitable distribution of wealth and public responsibility for those unable to avail themselves of the minimal provisions of a good life. Under this system, the welfare of its citizens is the responsibility of the state.

Economic fluctuations are simply fluctuations in the level of the national income of a country representing growth or contraction. A market economy is not static. It's dynamic. A rise in national income means an economy is growing, while a decline in national income means that an economy is contracting.

The tertiary sector of the economy is the service industry. This sector provides services to the general population and to businesses. Activities associated with this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, etc.), restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law. In most developed and developing countries, a growing proportion of workers are devoted to the tertiary sector.

Five-Year Plans (FYPs) are centralized and integrated national economic programs. Joseph Stalin implemented the first Five Year Plan in the Soviet Union in the late 1920s. Most communist states and several capitalist countries subsequently have adopted them.

The National Development Council (NDC) or the Rashtriya Vikas Parishad is the apex body for decision making and deliberations on development matters in India, presided over by the Prime Minister.

The father of economic planning in India is M. Visveswaraiah.

After India achieved Independence, a formal model of planning was adopted, and accordingly the Planning Commission, reporting directly to the Prime Minister of India, was established on 15 March 1950, with Prime Minister Jawaharlal Nehru as the Chairman.

NITI Aayog or the National Institution for Transforming India is a Government of India policy think-tank established by the Narendra Modi government to replace the Planning Commission which followed the top-down model. The stated aim for NITI Aayog's creation is to foster involvement and participation in the economic policy-making process by the State Governments of India.The emphasis is on bottom-up approach and make the country to move towards cooperative federalism . The Union Government of India announced the formation of NITI Aayog on 1 January 2015, and the first meeting was held on 8 February 2015. The Prime Minister serves as the Ex-officio chairman.The governing council consists of all state Chief Ministers,Lieutenant Governers of union territories,and vice chairman nominated by the Prime Minister. In addition ti full members, there are two part time members and four ex-officio members and a chief executive officer. The temporary members are selected from the leading universities and research institutions.

Sir M Visvesvaraya, a Bharat Ratna recipient, was an engineer, statesman, and a scholar. He served as the Diwan of Mysore during the period of 1912-1918. In 1934, he published a book titled “Planned Economy in India”, in which he presented a constructive draft of the development of India in next ten years. His core idea was to lay out a plan to shift labour from agriculture to industries and double up National income in ten years. This was the first concrete scholarly work towards planning.

A public sector company is that company in which the Union Government or State Government or any Territorial Government owns a share of 51 % or more. It plays an important role in capital formation, employment generation, export promotion, etc. Its aims are to promote balanced regional growth, to promote redistribution of income and wealth, to encourage the development of small-scale and ancillary industries, etc

In India, the Panchayati Raj is followed for grassroot level planning the small villages. Panchayati Raj generally refers to the local self-government of villages in rural India A grassroots planning  is one which uses the people in a given  village,district, region, or community as the basis for a political or economic movement. 

Programme Planning is a process in which the decision is made about the direction and also the intensity of the development of education efforts. The purpose is to bring about the desirable changes among people and the community as a whole. It includes the setting of objectives for completion of various programmes.

Thus, the correct answer is C.

Funds are transferred from the centre to state on the recommendations of the Finance Commission on the transfer of resources. The Finance Commission also transfer funds from centre to state by providing additional grants. These grants are provided to meet specific purposes. 

Moreover, funds are transferred as assistance from the Planning Commission too.

Thus, the correct answer is D.

Social Insurance are there to protect individuals from economic risks like unemployment, old age etc. it is done by providing some financial aid by the government. It motivated by the idea of welfare i.e. a betterment of all. 

The planning commission or NITI Aayog is established by the Government of India with the aim to achieve sustainable development goals with cooperative federalism by fostering the involvement of State Governments of India in the economic policy-making process using a bottom-up approach.

Deposit Insurance Corporation is a corporation established by the Government of India on January 1, 1962. It was a consequence of the enactment of the Deposit Insurance Corporation Act in 1961. Moreover, the major objective of the DIC has been to provide necessary protection to depositors by insurance of deposits and also guaranteeing of credit facilities.

Thus, the correct answer is B.

Two budgets were presented in the year 1947. The first budget was presented in the month of March. Jawaharlal Nehru, Rajiv Gandhi and Indira Gandhi were the three Prime-Ministers who have presented budgets.

Thus, the correct answer is A.

The rolling plan refers to the plan where there is no fix time period of the commencement and end of the plan. The rolling plan is resourceful to overcome the rigidity. This can be done by mending the targets. 

In India, the first rolling plan was introduced in 1978-80. The rolling plan emphasised on the annual review of progress in the implementation of plans.

Thus, the correct answer is D.

IFCI is Industrial Finance Corporation of India. It is a Non-banking financial company established in the year 1948. Furthermore, SFC ( State Financial Corporation) was established in the year 1951. Another financial institution, EXIM (Export and Import) Bank of India was established in the year 1982. UTI ( Unit Trust of India) was established in the year 1964.

Thus, the correct answer is A 

Finance Commission: Article-$280$ of the Constitution of India provides for Finance Commission as a quasi-judicial body. It is constituted by the President of India every fifth year or at such earlier time as be considers necessary. The Finance Commission consists of a chairman and four other members to be appointed by the Presidents.
The Finance Commission is required to make recommendations to the President of India on the following matters.
$1$. The distribution of net proceeds of taxes to be shared between the Centre and the States, and the allocation between the States of the respective shares of such proceeds.
$2$. The Principles that should govern the grant in aid to the States by the Centre(i.e., out of the Consolidated Fund of India).
$3$. The measures needed to augment the Consolidated Fund of a state to supplement the resources of the panchayats and the municipalities in the State on the basis of the recommendations made by the state finance commission.
$4$. Any other matter referred to it by the President in the interests of sound finance.

Finance Commission is a commission which defines the terms of eligibility, qualification, disqualification and the powers of the Finance Commission. It was established as per Article 280 of the Constitution. The first Finance Commission was appointed in the year 1951. The President of India appointed the same for the period 1952-1957.

Thus, the correct answer is C.

Finance Commission has been established by the President of India in the year 1951. It was constituted to define the financial relations between the central government and individual state governments of India. Moreover, it was established under Article 280 of the Indian Constitution.

Thus, the correct answer is B.

Finance Commission is a commission that defines the terms of qualification, disqualification, eligibility and the powers of the Finance Commission. The Commission was established in the year 1951. The same was established under Article 280 of the Indian Constitution. It was appointed for the period 1952-1957. It was chaired by KC Neogy.

Thus, the correct answer is D.

Finance Commission (FC) is appointed directly by the President. The major function of FC is to keep a  vertical balance between the financial revenues of taxes collected by the central govt, it recommends how the distribution should be among the union and states also grants distribution. It is on the recommendation of this institution that the financial decisions are taken hence it could be described as recommending agency.  

The budget is a statement prepared by the government. It says how much money the government plans to spend on particular things in the next year. Moreover, it also states how the government plans to collect money. It is made for a particular period of time. Furthermore, the budget is traditionally submitted on the last day of the month of February.

The correct answer is A.

Under the Indian Constitution, the Finance Commission is required to submit its report to the President, and it typically operates on a five-year cycle, but the specific reporting requirement is usually within the timeframe set by the President, often interpreted as one year for specific tasks.

Earlier the railway budget was presented in the Parliament before the Union Budget. Since 2016 it was merged with the Union budget and presented along with it on the 1st of February every year. 

Planning Commission was formed on 15^th March 1950. It is an institution in the Government of India which formulated India's five-year plans. It has other important functions. Among other important functions includes its setting of overall targets for various ministries of India.

Thus, the correct answer is B.

According to the reports published by various agencies/ organizations, it is estimated that around 3 billion extra people will join our existing population of 6 billion by the year 2050. To provide food for all of them, the second round of Green Revolution, Planned Urbanisation, Industrialisation initiatives are required to be started in advance.

Thus, the correct answer is D.

A finance bill is a Money Bill. It is defined in Article 110 of the Constitution. It is passed by the Parliament within a period of 75 days of its introduction. It is a bill introduced each year to give effect to financial proposals of the Government of India for the next following financial year.

Thus, the correct answer is B.

Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India.
It was established on 14 October 2003.CCI consists of a Chairperson and 6 Members appointed by the Central Government. 

Higher education institutions provide higher education. Department of Higher education under the Ministry of Human Resource Development oversees higher education in India. As per the news published in various newspapers, the government is planning to set up a regulatory body in the educational field, especially for higher education.

 Thus, the correct answer is A.

National Planning Commission formulates the National plan which is considered by the National Development Council. It’s most important functions include the formulation of effective plans for distribution of resources of the country. The Planning Commission of India has established a National Fund to improve the distribution of Electricity in the country.

Thus, the correct answer is A.

As we read these days, many world economies are passing through the recession at present. An economy is said to be in a recession when a decline occurs in almost all major economic activities.  Also, it is generally identified by a fall in GDP in two successive quarters.

Thus, the correct answer is A.

It is a national horticulture scheme and it was established and promoted as a part of the 10th five year plan (2002-2007). It plans to achieve its target if doubling horticulture production by 2012.

The Finance Commission of India was established by the President of India in the year 1951. The establishment took place under Article 280 of the country’s Constitution. This flattering commission decides the distribution of tax income between the Central and State Governments. Thus, it defines the financial relations between the Central and individual State Governments.

Thus, the correct answer is D.

Policies are measured implemented by the government to solve economic problems. In India, the government has implemented various measures such as National Rural Employment Guarantee Act, 2005, which is implemented to help solve the issue of rural unemployment. 

Financial inclusion can be referred to where the individuals and businesses find access to useful and affordable financial products and services. Also, these products and services meet their needs, are delivered in a responsible and sustainable manner. Financial inclusion is defined as the availability and equality provided to access financial services. Rangarajan Committee has given its recommendation on “Financial Inclusion.”

Thus, the correct answer is B.

The Planning Commission is an institution which is responsible to formulate Five Year Plans. This is a non-statutory and non-constitutional body. Moreover, it formulates plans with the aim to achieve social and economic development. Furthermore, It is responsible for supervising Five Year Plans too.

Thus, the correct answer is B.

The recommendations on “Financial Inclusion” was chaired by Rangarajan Committee. The recommendations included the launching of a National Rural Financial Inclusion Plan (NRFIP) in mission mode. Moreover, it included creating two funds with NABARD-  Financial Inclusion Promotion and Development Find (FIPF) and Financial Inclusion Technology Fund (FITF). However, there were four other recommendations too but didn’t include shifting of rural branches of all nationalised banks.

Thus, the correct answer is D.

The Union Budget of India is also referred to as the Annual Financial Statement. This is given such name under Article 112 of the Constitution of India. Also, it is the annual budget of the Republic of India. Moreover, Government presents it on the first day of February. Furthermore, this budget is drafted under the Ministry of Finance. The Administrative Ministries are only involved in the drafting of the Union Budget.

Thus, the correct answer is C.

The duration of the 11^th Five Year Plan was from the year 2007 to 2012. The prime objective of this Five Year Plan was to head forward towards faster and inclusive growth. It was the first time our country would be finally emerging into the front ranks of fast-growing developing countries.

Thus, the correct answer is C.

The process of planning tends to provide the information needed by the top management to make effective decisions. In this way, this level of management is able to allocate the resources in a way that would enable the organization to reach its aims & objectives. Moreover, productivity is maximized and there is optimum utilization of resources. Hence, it leads to both effectiveness and efficiency in operations.

Thus, the correct answer is A.

Perspective planning refers to a blueprint consisting of the objectives and targets of long-run growth. A perspective plan is not just a plan. It is aimed to attain certain objectives and targets. Also, it is divided into certain smaller plans. In India, the planning is perspective.

Thus, the correct answer is A.

Economic planning refers to a mechanism which is focused on the allocation of resources in an efficient manner. Also, it aids us to achieve consistency among different economic objectives. Hence, it aims at accelerating the growth rate of the economy.

Thus, the correct answer is A.

Prime minister of India is the Ex-officio chairman of the planning commission. It was established on 15 March, 1950 in accordance with article 39 of the constitution which is a part of directive principles of state policy. The Planning Commission of India is a non-constitutional and non-statutory body, which was responsible to formulate India’s five years plans for social and economic development in India. 

Economic planning is considered essential for developing nations like India to allocate resources efficiently and achieve targeted growth rates.

The word budget has been derived from a French word Bougette. This word Bougette means 'little bag.' Furthermore, this word turned up in English in the fifteenth century, after having travelled through the French Bougette. Furthermore, after years of development, the budget was started getting prepared for every single country.

Thus, the correct answer is B.

The Union Budget of India is known as the annual budget of the Republic of India. The Finance Minister of India presents this budget before the Parliament before the commencement of new financial year. This is done so it can be discussed and passed by the respective Houses of the Parliament.

Thus, the correct answer is D.

The Chairman of Planning Commission in India is generally the Prime Minister of India. The Planning Commission helped to formulate the five-year plan. This institution of Government is established in the year of 1950.

The objective of ASPIRE Scheme is to set up a network of technology and incubation centres to
accelerate entrepreneurship and also promote start ups for innovations
and entrepreneurship in agro-industry. ASPIRE was introduced in March 2015 by the MSME Ministry to give boost to Make in India Programme.

Under
the Apprentice Protsahan Yojana, 50% of the stipend payable to the
apprentice would be reimbursed by the Government for the first 2 years which is an incentive for the MSME Units to take in more apprentices. Apprentice Protsahan Yojana was introduced for apprentice.

Apprentice Protsahan Yojana was introduced for apprentice.Under
the Apprentice Protsahan Yojana, 50% of the stipend payable to the
apprentice would be reimbursed by the Government for the first 2 years
which is an incentive for the MSME Units to take in more apprentices. 

To ease the credit availability requirements of start-ups the government and announced the MUDRA Scheme. MUDRA Scheme helps to finance micro business enterprises of India. This scheme is known as Pradha Mantri Mudra Yojana.

Atal Innovation Mission (AIM) programme operated from NITI Aayog. This mission helps to promote culture of innovation and entrepreneurship in India. It includes self employment and talent utilization.

The concept of five year plans was introduced in the year 1951 by Indian government to improve standards of living of people who were deprived for centuries. But in present days this contribution of government to the plans is becoming lesser day by day because the expenditure is increasing. 

The Union Budget is drafted under the Ministry of finance. The administrative staff of the Lok Sabha is the organisation or agency which is actively involved in drafting the Union Budget of India.

Thus, the correct answer is C.