The government of India set up the ____ Commission in 1950 to help design and execute suitable policies for economic development.

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Detailed Solution

The Indian government set up a planning commission in 1950 to help design and execute suitable policies for the development of the economy. After independence, there was a need to develop the people's lives in India by removing poverty and building a modern technical and industrial base. India adopted a mixed economy model where there is the intervention of both the private and public sectors in industrial development. That is, both the state and the private sector take part in increasing production and generating jobs. There were questions like how to balance different states and regions and which industries should be controlled by the state and the market. The planning commission defined these.

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