Equity - Goal of 5 year Plans

Growth means increase in capacity of a country to produce goods and service

Example

Increase in Industrial Production

It is measured with help of GDP (Gross Domestic Product)

GDP is the market value of goods and service produced in a year

Higher the GDP, more rich the country as people are able to enjoy a large variety of goods and services

Equity means social justice and fairness to all sectors of society

It means being fair and impartial and providing opportunities to all sectors of economy

So, 'growth with equity' helps to achieve planning objectives.

A. Helping people meet their basic needs

C. Reducing inequality

D. Social Justice and fairness to all sectors

Explanation

Equity means social justice and fairness to all sectors of society

It means being fair and impartial and providing opportunities to all sectors of economy

Why is Goal of Equity Important to India?

1. Reduce Inequality

In India, there was high inequality

Some people were very rich while vast majority was very poor

Goal of Equity was necessary so that benefit of economic prosperity reach all sections of society

2. To Meet Basic Needs of people

Every Indian should be able to meet his basic needs

Example

Have a decent house, good education and health care facility etc

All these are required for survival