Planning Commission was founded in?
VerifiedAnswer: 15th March 1950
Explanation:
The Planning Commission of India was established on 15th March 1950 through a Government of India Resolution. This was a significant step taken by India's first Prime Minister, Jawaharlal Nehru, who recognized the importance of systematic economic planning for the newly independent nation.
The Planning Commission was created as an advisory body to the Government of India, with the primary responsibility of formulating Five-Year Plans for the country's economic development. Nehru himself served as the first Chairman of the Planning Commission, demonstrating the high priority the government placed on economic planning and development.
The establishment of the Planning Commission was inspired by the Soviet Union's success with centralized economic planning. India, as a newly independent nation facing massive challenges of poverty, illiteracy, and underdevelopment, needed a systematic approach to utilize its resources effectively and achieve rapid economic growth.
The key functions of the Planning Commission included assessing the country's resources, formulating plans for their effective utilization, determining priorities for development, and identifying factors that hindered economic development. It played a crucial role in shaping India's economic policies for over six decades until it was replaced by NITI Aayog in January 2015.
During its existence, the Planning Commission successfully formulated and implemented twelve Five-Year Plans, which helped guide India's economic development strategy. These plans focused on various sectors including agriculture, industry, education, health, and infrastructure development, contributing significantly to India's transformation from a primarily agricultural economy to a more diversified one.
