The Indian Development Planning Era:
Macroeconomic Theory & Practice
Extra Credit Research Paper
The Indian Development Planning Era:
An Analysis of the First & Second Five-Year Plans
SUBMITTED UNDER THE GUIDANCE OF
PROF PRABAL K. SEN
XLRI, JAMSHEDPUR
D. Krishna Bhaskar (B07080)
Vamsi K. Valluri (B07118)
BM-B
________________________________________
PGDBM 2007-09 XLRI, Jamshedpur
1. Introduction
A planned economy is an economic system with a central or overarching body that exercises control over the economy. The concept was a common feature of many Socialism-inspired economies including India and its most extensive form is referred to as a command or centrally planned economy. The model gained prominence mainly because of its adoption by the erstwhile Soviet Union and later on during the ‘Great Leap Forward’ by China. The anti-thesis of the capitalist-backed ‘laissez-faire’ model, it is currently practiced actively by very few nations, including Cuba, Myanmar & North Korea.......
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Approximate Word Count: 4928
Approximate Pages: 20 (250 words per double-spaced page)
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