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Economic Development and Planning is an integral part of the branch of economics. Economic development refers to the process through which an the economy of a nation is improved. Economic development is most commonly confused with economic growth but the concept and range of economic development is much broader than that of economic growth.
Economic growth is the yearly measure of growth in the nation’s income while economic development employs a range of tools and decisions through which a long term development of the nation is planned. The term Economic Planning refers to the framework containing major decisions which a government makes to promote the economic growth and development of the nation.
Economic Planning sets out to achieve specific targets to improve the economy through identification of a slew of strategies, projects and programs. It also sets the policy direction and basically directs the nation on the path of development.
The importance of economic development and planning is as follows:
The Objectives of economic development and planning can be understood from the following points:
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The main elements of economic development and economic planning are as follows:
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