Tag: objectives of economic planning in india

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.