56 + Interview Questions in ECONOMIC PLANNING IN GENERAL AWARENESS Page 2 InterviewSolution

51.	Give a brief description of the objectives of respective five year plans as per the current requirements of the economy.
Answer» Objectives of various five year plans : 1. First Five Year Plan – growth in agriculture. 2. Second Five Year Plan – growth in industrialization. 3. Third Five Year Plan – self-reliant in food grain production. 4. Fourth Five Year Plan – full use of manpower and stability in prices. 5. Fifth Five Year Plan – to achieve poverty eradication and self- reliance. 6. Sixth Five Year Plan – to eradicate poverty and provide structural empowerment to agriculture and industries. 7. Seventh Five Year Plan – increase in employment. 8. Eighth Five year plan – full employment and education for all programmes. 9. Ninth Five year plan – to promote economic growth along with social justice. 10.Tenth Five year plan – to improve the quality of living. 11.Eleventh Five year plan – More accelerated and more inclusive development. 12.Twelfth Five year plan – Faster, sustainable and more inclusive growth.

51.

Give a brief description of the objectives of respective five year plans as per the current requirements of the economy.

Answer»

Objectives of various five year plans :

1. First Five Year Plan – growth in agriculture.

2. Second Five Year Plan – growth in industrialization.

3. Third Five Year Plan – self-reliant in food grain production.

4. Fourth Five Year Plan – full use of manpower and stability in prices.

5. Fifth Five Year Plan – to achieve poverty eradication and self- reliance.

6. Sixth Five Year Plan – to eradicate poverty and provide structural empowerment to agriculture and industries.

7. Seventh Five Year Plan – increase in employment.

8. Eighth Five year plan – full employment and education for all programmes.

9. Ninth Five year plan – to promote economic growth along with social justice.

10.Tenth Five year plan – to improve the quality of living.

11.Eleventh Five year plan – More accelerated and more inclusive development.

12.Twelfth Five year plan – Faster, sustainable and more inclusive growth.

Discussion

52.	State the difference between capitalist and socialist economy.
Answer» In a capitalist economy, property and businesses are owned and controlled by individuals. In a socialist economy, the state owns and controls the major means of production.

Discussion

53.	What is a socialist economy?
Answer» A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production and distribution are aimed for prof it profit as well as social welfare.

Discussion

54.	What is mixed economy?
Answer» An economic system combining private and state enterprise. Example- Indian Economy.

Discussion

55.	What do you understand by mixed economy?
Answer» In the mixed model of economy there is an integration of public and private ownership of means of production.

Discussion

56.	What is the sectoral constitution of any economy? Is it necessary that the service sector should contribute more than the others in the GDP of an economy? Explain.
Answer» Sectoral Constitution of Economy : Any economy is divided into 3 parts on the basis of sector : Primary sector : This sector includes agriculture, animal husbandry, forestry, fisheries etc. Secondary sector : This sector includes manufacturing and industries. Tertiary sector : This sector includes banking, insurance, communication etc. services. Agriculture has the biggest contribution in GDP in a developing economy, while it has the least contribution in a developed country. The contribution of tertiary i.e. the service sector is the highest in a developed economy. Expansion of banking, insurance, communication, etc. services in a country is an indicator of development. Therefore, the service sector should contribute the most in the GDP of an economy.

56.

What is the sectoral constitution of any economy? Is it necessary that the service sector should contribute more than the others in the GDP of an economy? Explain.

Answer»

Sectoral Constitution of Economy :

Any economy is divided into 3 parts on the basis of sector :

Primary sector : This sector includes agriculture, animal husbandry, forestry, fisheries etc.
Secondary sector : This sector includes manufacturing and industries.
Tertiary sector : This sector includes banking, insurance, communication etc. services.

Agriculture has the biggest contribution in GDP in a developing economy, while it has the least contribution in a developed country. The contribution of tertiary i.e. the service sector is the highest in a developed economy. Expansion of banking, insurance, communication, etc. services in a country is an indicator of development. Therefore, the service sector should contribute the most in the GDP of an economy.

Discussion

Explore topic-wise InterviewSolutions in .

Give a brief description of the objectives of respective five year plans as per the current requirements of the economy.

State the difference between capitalist and socialist economy.

What is a socialist economy?

What is mixed economy?

What do you understand by mixed economy?

What is the sectoral constitution of any economy? Is it necessary that the service sector should contribute more than the others in the GDP of an economy? Explain.