First of all, the idea of planned economy was crystallized in 1930s when our national leaders came under the influence of socialist philosophy. India’s Five Year plans were very much impressed by the rapid strides achieved by the USSR through five years plans.
In 1934, Sir M. Visvesvaraya had published a book titled “Planned Economy in India”, in which he presented a constructive draft of the development of India in next ten years. His core idea was to lay out a plan to shift labor from agriculture to industries and double up National income in ten years. This was the first ....
