Sample Material of Third Essay Practice Paper for SBI PO

BANKPOCLERK.COM presents the Third Essay Paper for the members of the Essay Course.

Topic for the Third Essay Practice Assignment:

“Indian Economy Planning: Success or Failure”

Word Limit: not more than 350 words.

About the Topic:

India adopted the path of economic planning, on the lines of the Soviet Union, to invest the resources to the desired sectors and kick-start the process of national development.
However, the model of Indian economic planning different from the truly socialist countries, as it was based on mixed planning, where the private and public sectors existed side by side.
The planning process has passed through a series of phases, with different roles and significance of the public and private sectors. The early decades of independence witnessed an overarching role of the public sector and development planning under a 'license-permit raj'.
During the 1970's and 1980's there were several experimentation with the model of five year plans. There were frequent interference with the five year plans, and also a number of annual plans and plan breaks.
It was in the late 1980's and early 1990's that the loopholes of the planning system were realized and the whole planning process was restructured.
The New Economic Policy (1991) transformed the Indian economic model by giving the private sector more space and autonomy.
While evaluating the effectiveness of the Indian planning model, it must also be kept in mind that it is the planning model of India that India has been able to maintain its stability and order, while the other newly independent nations have fallen to the international and internal pressures.
The Indian Economic Planning model is based on a cautious approach, that tries to protect itself from the dynamics of the international markets.
That is why, India has been able to isolate itself from the global economic depressions.
It is the effectiveness of the Indian planning model that India has been able to gain a prominent seat among the major economies of the world.
However, still the Indian economic model has not been able to address the basic concerns of the society. This might be due to the structural and socio-political factors. There is a need to adapt the Indian planning to the changing milieu.