Question

What does 'Modernisation' in the context of economic planning refer to ?

• A. Returning to traditional economic practices.
• B. Making use of the latest technology and societal changes.
• C. Focusing solely on agricultural development.
• D. Reducing the use of machinery in industries.

Answer 1

Answer:

B. Making use of the latest technology and societal changes.

Objectives of economic planning 

1. Growth
   Economic growth indicates the increase in output of goods and services produced in the country. It is an important objective of economic planning as it contributes to national progress.

2. Modernisation

• Modernisation is making use of the latest technology.

• It also includes making a change in the perception of the society which involves protection of women’s rights, social security, and openness to social changes.

3. Self reliance

• The aim of self reliance is to attain self – sufficiency in agriculutral, industrial and service sectors using the available resoruces and to avoid foreign dependence.

4. Equity

• Ensuring equity is essential for the people to benefit the fruits of growth, modernisation, and self reliance
  

• The objective of equity will be attained when all citizens receive basic necessities of life, health protection and righteous distribution of wealth