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Economic growth
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- The goal of generating economic growth necessitates that real national income and per capita income grow at a set rate each year.
- The measure of national income at a specific year’s price or at a constant price is known as real national income.
- The average income of persons in the economy is known as real per capita income.
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Increase in employment
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- Employment is defined as the participation of workers in a gainful economic activity such as the production of products and services.
- Income is generated through the production process, which employs household-provided factors of production.
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Reduction in inequality of income
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- India is a country with a wide range of economic standards among its citizens. This suggests that India lacks consistency in terms of economic levels.
- A major portion of India’s population is classified as impoverished and belongs to the lower-income category, whereas a small percentage of the population is extremely wealthy.
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Reduction in poverty
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- Many people in the country do not even receive a single square meal every day. Poverty is exacerbated by a lack of jobs. Unequal distribution of national wealth and income exacerbates it.
- Poverty is referred to as a stain on human dignity, and it has severely degraded India’s international image.
- India is not taken seriously by developed countries because of its inability to eradicate poverty.
- To entirely eradicate poverty from the country, effective planning is required.
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Modernization of the economy
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- Because of India’s weak industrial and service sectors, it was the largest contributor to the country’s GDP at the time of independence and for many years afterward.
- The occupational structure has remained tilted towards agriculture due to a lack of greater education and skill development among the populace.
- To reverse this tendency, India’s GDP structure must be changed by boosting the quality of its human resources and developing its industries and service sector.
- This can be accomplished through economic modernization.
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Ensuring social justice and equality
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- Indian planning aspired to achieve a socialistic society as well. It can be accomplished by ensuring social fairness and equity for its citizens.
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