Five Year Plan in India

Economic planning:
Economic planning is a sort of conceiving, initiating, regulating and controlling economic activity by the State according to set priorities with a view to achieving well defined objectives within a given time span.
Different types of planning:
(i) Planning by direction and planning by inducement:
Planning by direction is an integral part of a socialist society, in which there is one central authority which plans, directs and orders the execution of the plan in accordance with predetermined targets and priorities. Such planning is comprehensive and encompasses the entire economy.
Planning by inducement is democratic planning. It means planning by manipulating the market. People are induced to act in a certain way through various monetary and fiscal measures.
(ii) Indicative planning and imperative planning:
Indicative planning is peculiar to the mixed economy. In a mixed economy, the public and private sectors work together. In indicative planning the private sector is neither rigidly controlled nor directed to fulfill the targets and priorities of the plan. The state provides all types of facilities to the private sector but does not direct it, rather indicates the areas in which it can help in implementing the plan.
Under imperative planning all economic activities and resources of the economy operate under the direction of the state. There is complete control over the factors of production by the state. There is no consumers sovereignty in such planning.
(iii) Democratic planning:
In democratic planning, the philosophy of democratic government is accepted as the ideological basis. People are associated at every step in the formulation and implementation of the plan. India is a unique experimentation in democratic planning.
Features of Indian Planning:
a) Democratic Planning:
b) Indicative Planning:
c) Decentralised Planning:
d) Comprehensive Planning :
e) Development-oriented Planning: