Give the failures of Economic Planning?

The failures of economic Planning are:

(i) No Substantial Increase in the Standard of Living : All the five year plans of India aimed at raising the standard of living of the people. But in reality, even the basic necessaries have not yet been provided to the people.

(ii) Rise in Prices: Price stability has been one of the objectives of each Five Year Plans in India. But almost all the plans witnessed considerable rise in price level. First Plan is the only exception when price level come down, in all other plans the prices recorded a steep rise.

(iii) Increase in Unemployment:

Unabated rise in unemployment was witnessed during the period of planning.

(iv) Less Growth in Production : In the Five Year Plans, growth rate of production was slow in many states. Priority should have been given to the development of agriculture in all the plans, but it was not done.

(v) Inadequate Development of Infrastructure : Development of infrastructure like electricity, roads, transport, education etc. remained inedequate during the period of planning.

(vi) Inequality in Distribution of Income and Wealth : Main objective of the Five Year Plan is to minimise inequality in distribution of income and wealth but during the period of planning the problem of inequality further ????

(vii) Inefficient Administration : An expert team of U.N.O. observed that one of the main shortcoming of Indian planning has been with reference to its implementation.

(viii) Lack of Strong Foundation : Despite completion of Nine Five Year Plans, economic base could not acquire strength. Even now use depend havily on rainfall for agricultural production. Due to the failure of monsoon in 1965-66, 1966-67, 1979-80 and 1982-83, the entire economy was thrown out of gear.

(ix) To Ambitious : Indian plans are criticised as too ambitious consequently, there has been a wide gap between that targets of growth rate and their achievements during the period of planning.

(x) Peradox of Saving and Investment : Although during the planning period there has been appriciable increase in saving and investment, yet the growth rate of economy has been very slow. Planning in India has failed to achieve its objectives fully. It is for this reason that since 1991 emphasis has shifted from greater participation of the public sector to greater participation of the private sector in the process of growth and development.