A question frequently asked today is whether planning has any relevance in a world of economic liberalization and the market economy.
Economic planning is a little like a chameleon; it can have different colours. While the Soviet government plans the activities of the socialist economy of the USSR, the Nazi party also used to plan the economic operations of a fascist Germany. Before advocating planning for the Indian economy, we should pause to inquire what is it that we are trying to recommend.
The Planning Commission was set up by a Resolution of the Government of India in March 1950 in pursuance of declared objectives of the Government to promote a rapid rise in the standard of living of the people by efficient exploitation of the resources of the country, increasing production and offering opportunities to all for employment in the service of the community.