The Bombay Plan Book review (World Book Day)

 


One of most well written book. This book is short commentary about outline of Bombay Plan. book revisits the Bombay Plan to show how it was not only prescient in its approach to development, but was also influential in shaping economic planning and public policy in the first decade after India’s independence.
This was a plan made by 8 noted Industrialists envisaging the 15 years growth & economic development. 
The plan talks of Capital Outlay of 10000 crores and divides it further for sectorial allocation. It has a good understanding of Macroeconomic implications. 
Plan had envisaged abt 130% increase on agricultural output, 500% for industry & 200% for services. It had estimated recurring and non recurring capital requirements for agriculture, soil conservation and irrigation on nationwide scale further examined sources of financing. 

State's role was decided to ensure allocations in line with the plan. This book also mentions its shortcoming and why it wasn't possibly implemented. It doesn't provide a complete scheme for economic development but shortcoming was due to era of 1944 where data collection was difficult. This plan was partially gauged in Industrial Policy Resolution of 1948 & 1956. 

It had a vision to reduce gross inequalities but ironically stated that it should not be abolished completely. There were similar plans in UK like Beveridge Plan and plans used by soviet executed during War. Plan had heavy emphasis on state intervention & control but with autonomy & flexible approach. It had calculated everything minutely like cost of nourishment & clothing needs e.t.c for minimum standards ensured to human life. 

#Book #BombayPlan #Authors #Bookreview #India #IndustrialDevelopment #Capitalist

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