The planning commission was a vital institution of the Government of India, which was formulated on 15 March 1950 to formulate the Five-Year-Plans of India. Thus, it is also referred to as a five-year planning commission in India. The main objective of this non-constitutional body is to oversee the economic and social development of the nation through the formulation of five-year plans. Replaced now with NITI Aayog, this particular body is responsible for assessing the country’s resources, developing the five-year plans and strategies to implement these plans, monitoring the implementation of the plans, and recommending the adjustments to be made in the formulated five-year plans. 

What are the objectives of the five-year planning commission in India?

The following mentioned are some significant Objectives of the five-year planning commission in India:

  • Economic development: One of the main objectives of the five-year planning commission is to prepare the five-year plan considering the country’s economic development. It is the GDP (Gross Domestic Product) and Per Capita Income through which the nation’s economic development is measured.
  • Increased level of employment: The vital aim of the five-year planning commission in India is to better utilize the human workforce available in the country by increasing employment levels. 
  • Social Welfare and provision of adequate social services: The objective of the five-year planning commission is to increase social welfare for different sections of society. In addition to this, developing the social services of the country like education, healthcare, green spaces, and more are also a significant part of five-year planning.
  • Regional Development: Five-year planning aims to reduce the regional differences in the country. For instance, some states in India are well developed and others aren’t economically developed. Five-year plans are formulated in such a way that the non-developed areas are prioritized to eliminate regional disparities. 
  • Comprehensive and Sustainable development: Development of all sectors- agriculture, industrial, and services is one of the objectives of the five-year planning commission so that the country can achieve comprehensive and sustainable development.
  • Reduction in economic and social inequality: The main focus of the five-year plans is to reduce economic and social inequality by taking adequate measures like employment generation, progressive taxation, reservation of jobs for backward sections, etc.
  • Increased standard of living: The five-year planning commission in India formulates five-year plans focusing on improving the standard of living of the citizens by increasing the per capita income and equal distribution of income. 

Stating the factors of the five-year planning commission in India:

The below-mentioned are some factors of the five-year planning commission in India:

  • Democratic: The first vital factor of five-year planning is that it is totally democratic. Now that India is the largest democratic country, it is essential to maintain a planning setup formulating the five-year plans determined through a democratically elected government.
  • Decentralized planning: Decentralized planning is considered an essential factor of the five-year planning commission in India. Although it was since the inception of the first plan that decentralized planning was considered essential to achieve the active participation of people, it was during the seventh plan that decentralized planning was genuinely introduced in the country.
  • Regulatory mechanism: another factor of the five-year planning is that the central planning authority directs it. i.e., a five-year planning commission in India that plays the role of regulatory mechanism. The primary purpose of this commission is to provide necessary direction and regulation over the five-year [planning system of the country. 
  • Existence of central plan and state plan: One of the significant factors of the five-year planning commission is that every plan comprises a separate layout earmarked for both central plan and state plan. 
  • Public sector and private sector plan: Another vital factor of the five-year planning commission is that every plan comprises a separate layout earmarked for both public and private sectors. When formulating the five-year plan, the planning commission separately fixes the amount for public sector investment and private sector investment. 
  • Periodic Plan: Next factor of the five-year planning commission is that it has adopted a period plan of five-year intervals. This particular approach is proved to be suitable for effectively realizing the country’s targets. 

Conclusion

The five-year planning commission in India, also known as the planning commission, was set up on 15 March 1950 and was first headed by Prime Minister Jawaharlal Nehru. The main objective of this non-constitutional body is to formulate five-year plans for the economic and social development of the country. In the year 2014, the five-year planning commission was replaced by NITI Aayog. This article will let you know all about the objectives and factors of the five-year planning commission in India.