2. DefiniteObjective.
Economic planning has the objective to
accelerate the rate of growth, elimination of
trade cycles, bringing the stability and a
attain full employment in the economy.
3. Central Planning
Authority.
This central planning authority is
responsible to prepare different schemes
of development and coordinating the
various activities.The central planning
authority takes all decisions relating to
production and consumption in an
economy.
4. Democratic
Character.
Various plans are prepared and adequate
opportunities are provided to the people to
actively participate at various levels.The
Union Government give direction in
consequence with the five year plans.
6. Comprehensiveness
As central planning authority takes all
decisions regarding production,
consumption and distribution, thus, it
must cover the entire economy which
must be comprehensive in scope.
7. Planning for
Consumption.
In a centrally planned economy, it
should not be confined to production
alone but at the same time, it must
cover the distribution and
consumption also.
8. Rational Allocation
of Resources.
Generally, in under-developed countries,
available resources are allocated in such a
manner as to get maximum social welfare.
It needs to fix oppriorities relating to
economic development.
9. FeasiblePolicies
andTargets.
A good planning is based on the initial
resources of the country to achieve the
feasible(possible)goals and policies. In
this way, domestic resources are
planned for attaining economic
stability.
