Tag: major economic problems

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.