Who wrote the book 'Planned Economy for India' (1934)?

The correct answer is M. Visvesvaraya.

Key Points

• The book 'Planned Economy for India' was written by M. Visvesvaraya in 1934.
• M. Visvesvaraya, an eminent engineer and statesman, envisioned the concept of a planned economy to advance India's development.
• In the book, he outlined a ten-year economic plan for India, emphasizing industrialization and infrastructure development.
• The ideas presented in this book inspired later planning efforts in India, including the establishment of the Planning Commission in 1950.
• M. Visvesvaraya is also known for his contributions to engineering and public administration, earning him the title of 'Bharat Ratna' in 1955.

Additional Information

• M. Visvesvaraya's Legacy
  • M. Visvesvaraya (1861–1962) was a pioneering Indian civil engineer, statesman, and the 19th Diwan of Mysore.
  • He is credited with designing and implementing several irrigation, flood control, and drinking water projects in India.
  • He was instrumental in the construction of the Krishna Raja Sagara Dam in Karnataka.
  • September 15, his birthday, is celebrated as Engineers' Day in India.
• Planned Economy in India
  • The concept of a planned economy involves state-directed economic development through systematic allocation of resources.
  • The Planning Commission, established in 1950, was India's central institution for formulating five-year plans based on this concept.
  • In 2015, the Planning Commission was replaced by NITI Aayog, which focuses on policy formulation and cooperative federalism.
• Industrialization in India
  • Industrialization was a key theme in M. Visvesvaraya's vision for economic growth.
  • He advocated for the establishment of industries to reduce India's dependency on imports and boost employment.
  • Post-independence, this vision was incorporated into India's five-year plans, leading to significant industrial expansion.
• Relevance of 'Planned Economy for India'
  • The book is considered a precursor to India’s modern economic planning initiatives.
  • It highlighted the importance of long-term planning in achieving sustainable development goals.
  • It remains a significant reference point in understanding India's economic history and policy evolution.