The Multidimensional Poverty Index (MPI) is a comprehensive measure that assesses poverty beyond income by evaluating multiple deprivations faced by individuals in their daily lives. It was developed by the Oxford Poverty and Human Development Initiative (OPHI) and the United Nations Development Programme (UNDP).

The Human Development Index (HDI) is a composite measure developed by the United Nations Development Programme (UNDP) to assess and rank countries based on their level of human development. It goes beyond economic indicators like GDP and considers factors that affect the quality of life.

1. Economic Growth: The GDP growth rate increased from around 3% during the initial plans to over 6% in later years.
2. Industrial Development: Established a strong base for industries, particularly in sectors like steel, coal, and heavy machinery.
3. Infrastructure Development: Expansion of roads, railways, electricity generation, and irrigation systems.
4. Agricultural Improvements: The Green Revolution increased agricultural productivity, ensuring food s

Economic planning involves designing strategies for achieving economic development. The two main types of planning are Indicative Planning and Imperative Planning. These approaches differ in their methodologies and application.

The Planning Commission and NITI Aayog are two key institutions in India's economic planning history. The transition from the Planning Commission to NITI Aayog marked a shift in India’s approach to development planning and governance.

Key Limitations

1. Non-Monetary Transactions: Activities such as barter trade and household work are not included, leading to an underestimation of economic activity.
2. Informal Sector Exclusion: The informal economy, which is significant in many countries, is often poorly accounted for.
3. Quality of Data: Data inaccuracies and incomplete reporting can distort national income calculations.
4. Environmental Costs: Depletion of natural resou

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