New planning framework could replace five-year plans

Q.  NITI Aayog is planning a new framework for
- Published on 13 Apr 16

a. Five-Year Plans
b. Finance Commission
c. Budget
d. All of the above

ANSWER: Five-Year Plans
 
  • NITI Aayog, the government’s policy think tank, is working on a sector-based medium-term planning framework.
  • The new planning framework could replace five-year plans, the last of which is set to end in 2016—17. It was possible to synchronise with the finance commission cycle, the financial approval of schemes and projects of both the central and state governments.
  • The current financial year, 2016-17, is the last year of the 12th five-year plan.
  • With the Planning Commission scrapped, the process for formulating a 13th five-year plan government has not been initiated, as a consequence of which the era of five-year plans is set to end in India this year.
  • The government had constituted a committee for proposing a new format of budget statements and accounts.
  • From the next financial year, the plan and non-plan distinction will be done away with for expenditure classification in Budget.

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