An economic plan is an outline of schemes designed to achieve certain pre-determined economic objectives, in a particular order of priorities within a specified period of time. This is the technique that a state follows to achieve economic development.
The main features of economic planning are as follows:
1. Determining the objectives that are to be achieved.
2. Estimating the resources that are available in the country.
3. Determining the order in which the objectives are to be achieved.
4. Designing suitable schemes for realizing of the objectives.
5. Determining the plan outlay and investment.
6. Allocation of resources between different sectors as per the priority of objectives
7. Establishing a body for the formulation, organization and appraisal of the plans