BOMBAY PLAN [PART 2]: UPSC Daily Important Topic | 10 March 2022

BOMBAY PLAN [PART 2]

 Agreements:

✓Basic agreement on the issue of the agrarian restructuring—abolition of all intermediaries, minimum wages, guarantee of minimum or fair prices for agricultural products, cooperatives, credit and marketing support.

✓Agreement on rapid industrialisation for which both the plans agreed upon an emphasis on heavy capital goods and basic industries.

✓The NPC and the Bombay Plan both were in favour of a simultaneous development of the essential consumer goods industries, but as a low-key affair.

✓Both the plans agreed upon the importance of promoting the medium scale, small-scale and cottage industries.

✓Both the plans wanted the state to play an active role in the economy through planning, controlling and overseeing the different areas of the economy.

✓Large-scale measures for social welfare were favoured by both the plans, which suggested to be based on issues.

✓Both the plans agreed upon a planning which could do away with gross inequalities.