(To be submitted to the project steering

committee)
PART-A (Synopsis)

I. Student Details:
1. Name of the Program: Master of Business Administration (MBA)
2. Name of the Student:
3. Roll Number:
4. Session & Year: 2023-2025
5. Elective:
II. Project Details
6. Title of the Project: ECONOMIC PLANNING is the mechanism of
allocating resources to the country for their manufacturing and the resources
are provided based on revenue given by the country. The revenue given by the
country can be beneficial for the growth of the economic condition of the
nation.
7. Introduction and Objectives of the study: Economic development has been
closely linked with planning. Planning has become a craze in modern times,
especially in under-developed and developing countries.
The idea of planning acquired a tremendous support after the end of World
War II when advanced but disrupted economies had to be rehabilitated and the
underdeveloped economies were fired with the ambition of rapid economic
development. The idea of planning was not kindly taken up in some countries
by some people. It was perhaps taken since planning came to be most actively
associated with socialist economies.
To analyze the problems and getting solutions, we need to have the mentioned
objectives given below:
(a) Economic growth: One of the primary objectives of economic planning in
India is to promote economic growth, measured in terms of gross domestic
product (GDP).
(b) Reducing Poverty: Economic planning aims to reduce poverty by creating
employment opportunities, increasing the productivity of the workforce,
and providing necessity to the poor.
(c) Self-Sufficiency: One of the primary objectives of economic planning in
India has been to achieve self-sufficiency in key areas such as food, energy,
and defence.
(d)Social justice and equity: Economic planning in India also aims to promote
social justice and equity by ensuring that the benefits of economic growth are
distributed fairly across all sections of society.
(e) Regional Development: Economic planning in India also aims to promote
regional development by reducing regional imbalances and promoting the
development of backward regions.
(f) Employment generation: Economic planning aims to create new
employment opportunities, especially in the manufacturing and services
sectors, and promote entrepreneurship and self- employment.
(g) Reducing regional disparities: Economic planning aims to reduce these
disparities by allocating resources to underdeveloped regions and
promoting balanced regional development.
(h) Balanced Regional Development: Economic planning also aims to promote
balanced regional development by ensuring that the benefits of
development reach all parts of the country.
8. Literature Review and Problem Statement: Planning is
multidimensional, and those actors in the 'planning universe' do not
necessarily share the same aims, custom or cultures. Thus, the literature
review not only summarizes the main themes within the broad topic, but
also seeks to generate some inter-disciplinary challenge and explores
some of the tensions.
Land Economics: Land economics considers that planning allocates land as a
scarce resource - one of the three factors of production alongside labor and capital.
Harvey and Jowsey(xvi) note that this resource allocation brings (private) benefits
and costs to the parties directly concerned, but also to others, in the form of
externalities. They contend that the spatial nature of land "gives rise to
considerable 'spillover' costs and benefits". Despite these external effects, the
arguments for planning control over land are however "incomplete" in their views,
as economic appraisals are typically of decisions, rather than forming part of the
process. The authors view that process-based analysis would consider both the
benefits and the costs of land use. They note that the market economy may be,
under certain conditions, more efficient at allocating land than the planning system.
Development outputs: Planning consents the development of land. The outputs
from this are housing, commercial, employment and community land uses, plus
supporting infrastructure such as transport and energy. These outputs can be
readily modelled, using traditional economic approaches and widely-available
data. Recent development output studies in Scotland noticed: - In 2016, the
industry body Homes for Scotland commissioned a report(xx) looking at the
economic and social benefits of home building in Scotland. The report found that
the home building sector contributes to Gross Value Added (GVA) economic
output through development and its extensive supply chains and networks which
then generate additional output, employment, and spending.
Investors: Most of the development in the UK and Scotland is now delivered by
private sector developers and investors(xxiv). Their investment requirement
will vary considerably, around the general aim to generate a target rate of return
at an acceptable level of risk. Since the Global Financial Crisis in 2008, there
has however been clear risk aversion by development markets in the UK. The
consequence is that developers and investors typically seek proven housing
markets, or committed (pre-let or pre-sold) commercial developments which
are mainly found in larger cities.
Economic outcomes: A broader economic approach to planning considers
'outcomes' rather than simply development outputs. For example, the Royal
Town Planning Institute (RTPI) has researched ways in which the quality of the
built environment influences the economic success of places. An assessment of
Glasgow's Gorbals regeneration(xxviii) provides a positive example of where
investment in the stewardship of place over time has contributed to improved
economic outcomes at the Crown Street Regeneration Project. The paper
provides an example of an evaluation of the economic impact of a specific,
geographically- bounded planning intervention.

Problem Statement: -
(a) The relationship between growth and employment is weakening, this may
suggest a stronger rationale for a higher growth strategy in the future. Weak
economic growth implies vicious circles in which poor human development
contributes to economic decline, leading to further deterioration in human
development.
(b) Long term unemployment leads to economic inactivity as people who are
unemployed would seek more government benefits to sustain themselves.
In recent years, the percentage of people relying on state benefits has
alarmingly increased, which shows an increase in the relative poverty
index.
(c) In the face of an imminent decline in natural resources and population
increase, it is necessary to create substantial socioeconomic and biophysical
actions to ensure food security. Table food supply is a common indicator of
food security, at least from an individual perspective. At the beginning, food
security focused on food reserves that allowed survive to famine. The
increase in the level of human development helped discover that
insufficient purchasing power of the poorest segments of the population is
another factor for food insecurity.
(d) Social justice is a political and philosophical movement aiming for a
more division of resources and opportunities. By addressing historical
injustices and directing resources to underserved communities, social
justice advocates hope to establish a more fair and equal society.
(e) Despite the preparation of several regional plans, the implementation of
these plans has been limited, leading to inadequate infrastructure and
uncontrolled urbanization. Regional planning requires coordination
between different levels of government and with the private sector, and
often there is limited coordination between these entities.
(f) The problem is not that the economy is not generating enough jobs; it is.
The problem is that most of the jobs that are being created are of extremely
low quality. The employment problem in India is not about the quantity of
jobs but rather about the quality of jobs.
 (g) At the economic level, regional imbalance contributes to unequal
wealthdistribution, creating prosperous regions while others lag in poverty.
This dichotomy leads to economic inefficiency and can significantly stymie
national growth.
(h) Balanced regional development does not indicate attainment of
selfsufficiency of level of industrializa-tion or uniform economic pattern for
each state rather it simply indicates wide spread diffusion of industry in
backward areas. The balanced regional development is broadly guided by
the people in backward areas which can be attained simply through its
development of agriculture, industry, infra-structure, trade, and commerce.
According to Mumford, “it is a problem of increasing habitability, a
problem of social and economic renewal.”

4. Research Methodology: The analysis of a project's profitability and the

economic calculation of a projected investment is crucial to the owner more than
the other participants. In a project, decisions related to capital budgeting and
investment planning affect all other project processes and involve almost all
participants to varying degrees. There is no doubt that this process is always
necessarily included in the first phases of projects. As the ex-ante project
evaluation is based on pre-estimated expected returns, the probabilities play a
significant role in the process. The well-established and widely used methods and
tools of finance theory are requisite elements of these evaluations.
Simultaneously, a rapid pre-evaluation, including an economic assessment, could
include the chances that the application of project management standards would
increase the probability of a positive economic benefit. Once we have clarified
our motivation with the conjecture of a positive correlation, the following
research question covers its purpose. This research question captures the essence
of the problem. However, in the course of the work, for a proven answer, it is
necessary to explore other relationships that can be substantively connected to
the question and show the whole picture (i.e., to what extent the sector influences
the findings). Let us suppose there is a correlation between applying
methodologies and standards, and owner's value, with a positive impact. In that
case, the phenomenon could play a major role in project management, for
instance, in the rapid preliminary evaluation of project portfolios.

From a managerial point of view, an important question may also arise, whether
we could concentrate on the organization's maturity and the competency level of
project management focusing on the customer level in rapid evaluation. It is
worth looking for further correlations between them in future research.
There is an economic “ripple effect” of the expenditures made for goods and
services related to the business or activity. Spending cycles through the economy
as direct expenses, such as purchases made at the grocery store, which are in turn
paid out as wages to store workers, who in turn spend money. Wages paid to
workers are spent on housing, food, clothing, entertainment, etc.
This multiplier effect is accounted for both in terms of indirect effects of the
direct spending, as well as induced effects (essentially, the further effects of the
indirect spending) to calculate total economic impact.

The “multiplier effect” refers to the recurrent economic activity generated by an

initial expenditure. For example, money spent directly on construction will cycle
through the local economy again as wages to workers, purchases of construction
materials (such as lumber, tools, and nails), gasoline for machinery, and worker
transportation. The initial wave of spending generates a second and third wave of
spending as wages paid and profits made on the direct construction spending spin
through the economy in several cycles. Thus, the original direct expenditure
yields a greater economic impact than just the money initially spent. Some money
“leaks out” of the regional economy at each level because of spending made
outside the area (for example, some goods may be purchased from another state).
As a result, the subsequent spending cycles decrease in impact.

This study quantifies the total annual economic contribution of spending related
to the University of Wisconsin System, including its campuses and related
organizations and activities. The spending of UW System students, employees,
and visitors, as well as spending on university operations, was compiled from
various sources. The UW System budget office supplied university spending data.
Student spending data was derived from prior NorthStar studies that included
student expenditure surveys at several UW System campuses. This data in turn is
processed in an econometric model to produce estimates of economic impact,
jobs, and tax revenues.
Economic multiplier models (sometimes called Input/Output models) are the
framework for analyzing economic impact. Derived mathematically, these
models estimate the magnitude and distribution of economic impacts, and
measure three types of effects: direct, indirect, and induced changes within the
economy. Direct effects are determined by the amount of the initial spending.
Indirect effects are determined by the amount of the direct effect spending within
the study region on supplies, services, labor, and taxes. Finally, the induced effect
measures the money that is re-spent in the study area as a result of spending from
the indirect effect. Each of these steps recognizes that some money “leaks out” of
the economic study region through purchases made outside the defined area.
Eventually these leakages will slow or stop the cycle.
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 Part – B: Guide Acceptance
I, Mr. with working as hereby confirm my willingness to guide
Mr. Reg No. for the topic (Economic Planning) during
the period (month/year) to (month/year).
Place:
Date:20th-12-2023

Signature of the Guide

 DECLARATION
I hereby declare that this project synopsis is an original work carried by me and
has not been/will not be submitted to any other University for fulfilment of any
course of study.

Place: Bareilly
Date:20th-12-2023

Signature of the student