120 words paragraph on Planning

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Planning is a systematic approach for allocating scarce resources for their optimal utilization. It is a centrally directed instrument aiming at increasing production and productivity over a period of time. Here there is a central authority who directs the operation of different economic units in such a manner that the predetermined objective are achieved within a given time span. Thus in the process of planning, the authority first determines their objectives by properly studying the availability of resources and the requirements of the people. Then the available funds have to be allocated among different uses so as to maximize welfare of the community. Further, physical targets are set for achievement by properly, allocating real resources to different lines of use.


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