Choose whether the given statement is true/false:

The planning commission was set up in 1950 to help design and execute suite policies for economic development in India.

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Detailed Solution

The statement is true.
The Planning Commission was established in 1950. The principal goals of the Commission for the new nation were to lift India and Indians out of poverty and to establish a modern technical and industrial basis. In 1950, the government established the Planning Commission to assist in designing and implementing appropriate economic growth plans. There was widespread agreement on a "mixed economy" model. In this case, the public and private sectors would play critical and complementary roles in growing output and creating jobs.
Hence, the planning commission was set up in 1950 to help design and execute suite policies for economic development in India.

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