India has embraced a unique approach to development, blending aspects of socialism and a mixed economy. On one side, the country has actively supported private businesses and industries, fostering growth and innovation. Meanwhile, it maintains a significant level of control, at least in principle, over major entrepreneurial and business activities. This dual strategy seeks to strike a balance, encouraging private enterprise while ensuring a certain level of oversight in key economic areas.

• In March 1950, the Planning Commission came into existence through a Government of India resolution. The government’s goal was to enhance the standard of living by efficiently utilizing the country’s resources, boosting production, and creating employment opportunities.
• The Planning Commission had the crucial task of evaluating all of the nation’s resources. Its responsibilities included addressing resource deficiencies, crafting plans for optimal resource utilization, and setting priorities in line with the constitutional principles outlined in the preamble, fundamental rights, and Directive Principles of State Policy.
• The overarching mission of the Planning Commission was to contribute to the rapid improvement of people’s lives. This involved not only economic development but also social progress, aligning with the constitutional objectives of ensuring a better quality of life for all citizens.
• By focusing on efficient resource exploitation, the Planning Commission aimed to create a balanced approach to development. The commission played a pivotal role in formulating plans that would positively impact the economic and social fabric of the nation.
• In serving the community, the Planning Commission was dedicated to providing opportunities for employment. This commitment reflected the government’s vision of inclusive growth, where every individual could contribute to and benefit from the nation’s development.

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