In 1950, the government set up a ____ to design and execute suitable policies for economic development.

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Detailed Solution

In 1950, the government set up a Planning Commission to design and execute suitable policies for economic development.
A formal approach to planning was implemented when India gained independence. As a result, the Planning Commission was founded on March 15, 1950, with Prime Minister Jawaharlal Nehru as the Chairman and directly answering to the Prime Minister of India. The government established a Planning Commission to draft and carry out appropriate economic development plans. In a mixed economy, the government and the private sector would play significant and complementary roles in boosting output and creating jobs. To balance the various regions and states, the Planning Commission must determine which sectors should be started by the state and the market.

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