Spelling out how the resources of a nation should be put to use, with general goals and specific objectives to be achieved within a specified period of time, is called:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → Economic planning
A plan spells out how a nation’s resources should be used. It has general goals and specific objectives for a fixed period, five years in India.
Option (1) Economic growth — Incorrect. Growth is a rise in the capacity to produce. It is one of the goals a plan aims at.
Option (2) Modernisation — Incorrect. Modernisation is the adoption of new technology, another goal of the plans.
Option (3) Economic planning — Correct. It decides the use of resources with set goals and time limits.
Option (4) Import substitution — Incorrect. It is a trade policy of making at home what was imported.
NCERT (2026-27): “Box 2.2: What is a Plan? A plan spells out how the resources of a nation should be put to use. It should have some general goals as well as specific objectives which are to be achieved within a specified period of time; in India plans were of five years duration and were called five year plans (we borrowed this from the former Soviet Union, the pioneer in national planning). Our plan documents upto the year 2017 not only specify the objectives to be attained in the five years of a plan but also what is to be achieved over a period of twenty years. This long-term plan is called ‘perspective plan’. The five year plans were supposed to provide the basis for the perspective plan. …” |