BANKING AFFAIRS

Detailed explanation-1: -Economic planning is in the Concurrent List (List III) of the Seventh Schedule of the Indian Constitution. The Seventh Schedule of the Indian Constitution comprises three lists, which are Union, Concurrent and State lists.

Detailed explanation-2: -Economic and social planning is enlisted in the Concurrent List under the Seventh Schedule of the Constitution of India, which form the joint domain of both the State Governments and the Union territories of India as well as the Central Government of India.

Detailed explanation-3: -Marriage and divorce; infants and minors; adoption; wills, intestacy and succession; joint family and partition; all matters in respect of which parties in judicial proceedings were immediately before the commencement of this Constitution subject to their personal law.

Detailed explanation-4: -ii) The Economic and Social Planning is kept in the Concurrent List in the Constitution of India.

Detailed explanation-5: -Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.