Explain 'Growth, Equity and Self-reliance' as long-term objectives of planning.
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The long-term objectives of planning are:
- Growth refers to increase in the country's capacity to produce the output of goods and services within the country. GDP is a good indicator of growth.
- Equity refers to the benefits of economic prosperity reaching the poor sections as well, not just being enjoyed by the few rich. Everyone should be able to meet the basic needs.
- Self-reliance refers to avoiding imports of those commodities which could be domestically produced, i.e. in India itself. In the first seven five year plans, self-reliance was considered a necessity in order to reduce our dependence on imported food supplies, foreign technology and foreign capital. It was presumed it may make India vulnerable to foreign interference in our policies.
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