Explain the following
a. Plans require projects
b. Social aspects in project preparation
a. Plans require projects -
Development of a sound plan for an area or country requires a great deal of knowledge about existing and potential projects. This is obvious enough for a short term operational plan (l -5 years) which must, contain firm and realisable plans and for a perspective plan (10-15 years) which is medium term sketch of economic developments in quantitative form. The perspective plans lay down target rates of growth for gross national product, consumption, and also for investment and its financing by both domestic and foreign savings. These plans should be based on realistic assumptions about the amount of investment and output, which will flow when; capacity operation is achieved (the capital-output ratio). The extent of realism of such plans depend upon the knowledge of the rate at which good projects can be planned, designed, built and brought to capacity operation. It also depends upon the knowledge of the capital-output ratios expected in different sectors of the economy. Such knowledge can be gained by'studying the investment and outbut'trends in other econ01hies especially the industrialized economies. While using experiences of such countries allowance should be
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