What was the Bombay Plan Explain?
By BYJU'S Exam Prep
Updated on: September 12th, 2023
The Bombay Plan was an economic plan for India proposed in January 1944 by a group of industrialists and technocrats. A group of Indian industrialists issued an economic development plan that strongly supported state economic interruption and planning.
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Goals of the Bombay Plan
After India gained its independence from the UK, the Bombay Plan was implemented. The plan recommended that the new administration defend domestic businesses from foreign rivalry in regional markets.
The basic goals of the Bombay Plan were a doubling of the agricultural sector’s (then current) output and a five-fold development in the industrial sector, both within the framework of an investment of 100 billion rupees (44.8% was anticipated for the industry) over a period of 15 years.
Objectives of the Bombay Plan
Other salient objectives and features of the Bombay plan were:
- A functional role by the government in debt funding and planning unbiased expansion.
- A transformation from an agricultural to an industrialized civilization.
- The construction of crucial industries as public sector enterprises.
Some of the major industrialists and businessmen that were involved in the Bombay Plan included JRD Tata and GD Birla. According to the vision of the Bombay Plan, the government would play a significant role in the creation and development of the economy and the central planning authority.
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