Planning is the deliberate control of an economy by a central authority to achieve targets within a specified period. There are various types of planning based on factors like time, geography, and level of centralization. Centralized planning involves a central authority making all decisions, while decentralized planning involves grassroots input. Socialist planning relies entirely on the central authority, while capitalist planning allows more market forces. The success of planning depends on choosing the appropriate type to meet a country's needs and objectives like development, employment, and resource allocation.

1. MEANING-NATURE AND OBJECTIVES-FEATURES
AND TYPES-CENTRALISED AND DECENTRALISED
PLANNING-PLANNING PROCESS

2. Deliberate control and direction of the economy by a central authority
for the purpose of achieving definite targets and objectives within a
specified period of time. Planning is an economic mechanism for
resource allocating and decision making

3. According to DICKINSON the planning is the making
of major economic decisions what and how is to be
produced, how ,when and where is to be produced ,
to whom it is to be allowed, by the conscious
decision of a determined authority, on the basis of
comprehensive survey of the economic system as a
whole.

4.  Rapid economic development .
 Proper utilization of national resources.
 To provide additional employment.
 Social justice.
 To reduce inequalities and disparities of income and
wealth.
 Economic stability.
 Price stability.
 To alleviate bottleneck .
 Rapid capital formation.
 Coordination.
 Modernization.
 Raising investment -income ratio.
 Removal of poverty.

5.  Loss of economic freedom.
 Planning leads to chaos.
 Not easy to formulate.
 No incentive s for head works.
 Danger of bureaucracy and red tapism.
 Not automatic.
 More unstable.

6.  Definite objective.
 Central planning authority.
 Comprehensiveness.
 Planning should not comfine only to
production.
 Rational allocation of resources.

7.  Central planning authority.
 Reliable statistical data.
 Specific objective.
 Fixation of targets and priorities.
 Suitable economic organization.
 Storing and stable government.
 Fair and efficient administration.
 Mobilization of resources.
 Proper balancing in the plan.
 Flexibility in planning.
 Economy in administration.
 International relations.

8.  Unexplained residual factor.
 Population growth.
 Non-economic factors.

9.  Inward looking policies.
 Mobilization of domestic agricultural
resources.
 Competent planning.
 High degree of planning.
 Incentive to private sector.
 Removal of market imperfections.
 Need of multi national planning.
 International planning of trade and aid
policies.

10. Nowadays various types of planning
small or big, socialist or capitalist, centralized or
de centralized, democratic or totalitarian ,
individual, regional or state, rigid or flexible,
perspective or short run, permanent or
emergency, have been there. Different countries
have tried to adopt them in accordance with their
requirement.
The success of the planning for attaining the
desired objective greatly depends upon the types
of planning chosen by the country it selt.

11. The planning can be arranged on the basis of time,
geographical situation, and economic region etc.
 Physical and Financial planning.
 Structural and Functional planning.
 Centralized and Decentralized planning.
 Socialist and Capitalist planning.
 Direction and Inducement planning.
 Democratic and Totalitarian planning.
 Comprehensive and Partial planning.
 Permanent and Emergency planning.
 Flexible and Rigid planning.
 Rolling and fixed planning.
 Regional, National and International planning.
 Anti cyclical and Developmental planning.

12. Physical planning refers to the technique of
allocating resources in terms of men ,
material and machinery.

13. The financial planning refers to that
technique of planning which allocation of
resources is done in terms of money.

14. Structural planning implies the objective
to change the structure of the society along
with economic development and
improvement.

15. Functional planning is refers to the
existing socio economic framework which is
retained as it is. Its only aims at
strengthening or repair the same.

16. In the centralized planning, the entire
planning process is comes under a central
planning authority. This is also known as
planning from above.

17. The decentralized planning refers to the
execution of the plan from the grass roots.
Thus it is called planning from below. This is
formulated by the central planning authority
in consultation with different administrative
units of economy.

18. In socialist planning, the economy
depends on economic planning that means,
on the making of major economic decision by
a determinate authority on the basis of a
comprehensive survey of the economic
system as a whole.

19. The capitalist planning is focus on the
unplanned economic order which gains
momentum from some invisible forces in the
market. The main feature of capitalism is the
absence of central economic plan.

20. Planning by direction is an integral part
of a socialist society. It implies complete
central planning with no feature of a private
economy.

21. In inducement planning there is no
compulsion and direction but only
persuasion. Therefore , in, this , the state
manipulates the market economy not by
command but by providing inducement to
secure its objectives.

22. Democratic planning implies a system
of economic order in which the authority that
vests in the state is based on the support of
common masses.

23. When planning is adopted under a
dictator it is called totalitarian planning.
Under this , state fully controls the economic
affairs , productive resources and economic
decisions.

24. General planning which concerns it self
with the major issues for the whole economy
is known as comprehensive planning.

25. The partial planning is consider only
the few important sectors of the economy.

26. Permanent planning is the long term
planning. its goals are wider and ambitious.
therefore, planning is permanent in a sense
that it is not to be abandoned after some
time.

27. Emergency planning differs significantly
from permanent planning . It is purely
accidental in character. It is thus, adopted by
force of circumstances.

28. The perspective planning implies the long
term planning of the economy which long
range targets are set in advance. It lays down
wide objective and strategies for the major
sector of the economy. It will split into short
periods.

29. This planning implies the possibility of
adjustment, readjustment in targets, outputs,
and resources. This type of planning is
dynamic .

30. Rigid planning deals with are not subject
to change in any adverse circumstances of
the country. It is not suitable for developing
countries.

31. In this plan, every year, three new plans
are framed and the existing one shall roll into
the new plan. It shall help the planners to
revise plan targets in light of changing
circumstances.

32. Fixed plan is a plan for fixed period
it lays down definite targets and aims which
are to be achieved during the specific plan
period.

33. Regional planning is a part of national
planning. It refers to decentralized control
exercised over a region of a particular
country.

34. When economic planning is
applied for a nation as a whole ,It is known as
the national planning. it always lends coincide
with the national territory under a common
creed, under a joint rule and for a common
objective.

35. International planning is meant for a
state of affairs in which the resources of more
than one country are the property of the
country as a whole. In another way, it is a
matter of pooling the total resources of
different national unit.

36. Anti cyclical planning implies the
planning against economic cycles. Its
fundamental objective is to achieve economic
stability with the prevailing socio-economic
framework of the country.

37. Developmental planning seeks to
explore new employment avenues and raise
the level of income and output . It seeks to
achieve the higher level of income and
employment by breaking the structural
impediments and to growth to under
development and backward countries.

38. Imperative planning includes preparation
and implementation has to be certain sure . It
means once plan is drawn up, it has to be
implemented.

39. Indicative planning is practiced by
developed countries. It is not suitable for
under developed countries. This planning
works through coordination among different
economic units.

40. The process of planning includes the
determination of objectives and outlining the
future actins that are needed to achieve these
objectives.

41. Evaluate plan.
Gather
information.
Mission and
goals.
Devise
strategies.
Implement
plan.
Monitor
performance.

42. Submitted by :
APARNA GS
Sem: 1
St.Xavier’s College
Thumba