Against the background of these Directive Principles the Planning Commission which was established in March, 1950, was to perform the following duties:
Duties
1. Make an assessment of the material, capital and human resources of the country, including technical personnel and investigate the possibilities of augmenting such of these resources as are found to be deficient in relation to the nation’s requirements;
2. Formulate a Plan for the most effective and balanced utilisation of the country’s resources;
3. On a determination of priorities, define the stages in which the plan should be carried out and propose the allocation of resources for the due completion of each stage;
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4. Indicate the factors which are tending to retard economic development and determine the conditions which should be established for the successful execution of the plan;
5. Determine the nature of the machinery which will be necessary for securing the successful implementation of each stage of the plan in all its aspects;
6. Appraise from time to time the progress achieved in the execution of each stage of the plan and recommend the adjustments of policy and measures that such appraisal may show to be necessary; and
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7. Make such interim or ancillary recommendations as appear to it to be appropriate either for facilitating the discharge of duties assigned to it; or, on a consideration of the prevailing economic conditions, current policies, measures and development programmes or on an examination of such specific problems as may be referred to it for advice by Central or State Governments.
Since 1950, when the above functions were specified, the Planning Commission has drawn up Five Year Plans for rapid economic growth.