GENERAL KNOWLEDGE

Detailed explanation-1: -Economic planning in India is a concept derived from Russia. By using only limited resources, economic planning is carried out by the government to boost the economy. The country’s economy after independence was not so highly advanced and depended entirely on the British economy.

Detailed explanation-2: -The Soviet Union was the first national economy to attempt economic planning as a substitute for factor market allocation.

Detailed explanation-3: -A process of centralised planning was introduced in Russia as the Russian economy had suffered losses in the civil war. There were targets set for five years to develop the economy.