Structure of answer:

• Introduction (Say about Bombay plan).
• What is Bombay plan? How it relate to present days?
• Discuss its potential to change the direction of economic development in the country and how it also happens to be one that is worth emulating today.
• Explain why it is necessary for the new government to have a vision in this direction?
• Way forward.
• Conclusion (significance of such plans in bringing an overhaul in the economy of the country).

Key points:

• The Bombay Plan” is the nickname of a 15-year economic plan for India proposed by a group of industrialists and technocrats in January 1944.
• Initially, it was released for private circulation only. Soon afterwards, the plan was published as a pamphlet in response to the interest generated by it.
• The Bombay Plan is the name commonly given to a World War II-era set of proposals for the development of the post-independence economy of India.
• A key principle of the Bombay Plan was that the economy could not grow without government intervention and regulation.
• The prime objectives of the plan were to achieve a balanced economy and to raise the standard of living of the masses of the population rapidly by doubling the present per capita income within a period of 15 years from the time the plan goes into operation.
• This plan envisages that the economy could not grow without government intervention and regulation.
• In other words, the future government protects indigenous industries against foreign competition in local markets.