“With the New government India needs a New Bombay plan”, explain.
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).
- 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.
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