There are two main approaches to the concept of development viz
i) the traditional approach and
ii) the new welfare-oriented approach.

Long-term plans last for the period of 10 to 30 years. They are also known as 'perspective plans'. The basic philosophy behind long-term planning is to bring structural changes in the economy. Give any three major objectives of development planning.
(i) To rise the national income.
(ii) To increase investment.
(iii) To expand employment opportunities.

(i) Short term plans are also known as 'controlling plans'. 
(ii) They encompass the period of one year, therefore, they are also known as 'annual plans'.

Many economists today agree that planning is an organized, conscious and continuous attempt to select the basic available alternatives to achieve specific goals, planning involves the economizing of scarce resources.

Human capital means education and training that make human beings more productive.

Centralized planning means the power of planning and decision making are exclusively in the hand of top management

Planning is a technique, a means to an end being the realization of certain pre-determined and well-defined aims and objectives laid down by a central planning authority. The end may be to achieve economic, social, political or military objectives.

(i) Human resource
(ii) Technical Know - how
(iii) Political freedom

(i) Economic development was redefined in terms of reduction of poverty, 'inequality' and unemployment within the context of the growing economy.
(ii) During this period redistribution with growth became the popular slogan.

(i) National Institution for Transforming India was formed on January 1, 2015 through a Union Cabinet resolution replacing the Planning Commission.
(ii) Prime Minister is the Chairperson and Union Ministers Ex-officio members.
(iii) Vice-Chairman of NITI Aayog is the functional head.

Basic and collective needs of the people - health, education, sanitation, water, food, housing facilities.

Economic Planning in the widest sense is the deliberate direction by persons-in charge of large resources of economic activity towards chosen ends. - Dalton

1. Gross national product
2. GNP per capita
3. Welfare
4. Social indicators.

Development must, therefore, be conceived as a multidimensional process involving major changes in social structures, popular attitudes and national institutions and acceleration of growth, the reduction of inequality and the eradication of absolute poverty.
Michael P. Todaro