IMPORTANT FEATURES OF ECONOMIC PLANNING:
1. Survey of the Economy: The first step in economic planning is to make a detailed study of the existing economic conditions in the country. The resources available, of the extent to which they are utilized and the economic problems facing the country.The present state of
the economy is thoroughly surveyed.
2. Setting the Targets and Objectives: A plan must have clearly laid down goals. These goals are called targets and objectives. A target means what is aimed at. The target must not be expressed in general or vague terms. Targets must be quantifiable. For instance
production targets of cereals should be mentioned in, say, million tones.
3. Fixing Priorities: ‘Priority’ means arranging the different development projects in an order of importance or urgency. Priorities should be laid down on the basis of short-term and
long-term needs of the economy. It is keeping in view of the available materials, capital and human resources. Development programmes should be executed first are given top priority.
While the less important ones receives low priority. For instance:India’s First Five year
plan, top priority was given to the development of agriculture, but in Second Five year plan priority given for industrial and mineral development.
4. Implementation: To make a plan successful,sincere efforts must be made to achieve the targets. If efforts are lacking or misdirected, the plan be only on paper and achievement will be nill. Therefore a strong, efficient and dedicated administrative machinery is necessary for
the successful implementation of a plan.
5. People’s Co-operation: An economic plan is for impoving their standard of living by increasing their income for their people. People should know the aims of the plan that they may offer their support and co-operation for the success of the plan.
6. Central Planning Authority: An economic plan pre-supposes the existence of a central planning authority entrusted with the responsibility of drawing up a blue-print or plan for the country as a whole.