Economic planning in India began in 1950 in order to promote economic development and growth. The Planning Commission was established to coordinate resources and prepare Five-Year Plans with objectives like effective utilization of resources, industrial growth, poverty reduction, and balanced regional development. Five-Year Plans set targets in areas like increasing GDP growth, agriculture growth, education, health, infrastructure, environment, and women and child welfare. Economic planning aims to mobilize resources and allocate them in a way that promotes balanced and sustainable development.