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Indian Economy 1950-1990 — Economics STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEconomicsIndian Economy 1950-19903 Marks
Question
What is Planning Commission? What are its functions?
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Answer

Immediately after the adaptation of new constitution on January 26, 1950, the Planning commission came in to existence. Planning Commission is a constitutional body. Prime Minister is ex-officio chairman of this commission. The broad functions of Planning Commission are:
  1. Assessment of material, capital and human resources
  2. Formulation of plan for their most effective and balanced utilization
  3. Determination of priorities and allocation of resources etc.

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