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→Key Idea #2
#Activity No #2 '''Concept Name - Activity No.'''[[Economy_and_government_role of government_activity2]]
#Activity No #2 '''Concept Name - Activity No.'''[[Economy_and_government_role of government_activity2]]
==Key Idea #2==
==Key Idea #2Economic Planning==
In theory, free market capitalism has stressed the need for governments to not interfere in economic activities ('Laissez Faire'), while socialism has made state planning the main method of deciding the goods/services to be produced and their quantities etc.
India adopted the [http://en.wikipedia.org/wiki/Five-Year_Plans_for_the_National_Economy_of_the_Soviet_Union Soviet Union model of five year plans], and the initial focus was to support rapid industrialization of the economy. Under this approach, the 'public sector'became quite dominant. India's first prime minister, Sri Jawaharlal Nehru suggested that the Public Sector should hold the "commanding heights of the economy". Over decades, the movement towards a 'mixed economy' have been strong, yet the five year plans have an important role in guiding the economic development and growth in India.
===Learning objectives===
===Learning objectives===
===Notes for teachers===
===Notes for teachers===
===Activities===
===Activities===
#Activity No #1 '''Concept Name - Activity No.'''
#Activity No #1 '''Concept Name - Activity No.'''
#Activity No #2 '''Concept Name - Activity No.'''
#Activity No #2 '''Concept Name - Activity No.'''
==Key Idea #3==
==Key Idea #3==