Economic planning refers to specifying a set of objectives that an economy aims to achieve within a certain period of time. The planning process is undertaken by the central authority of a country that drafts the plan comprising of various objectives to be achieved keeping in mind the needs of all the sections of the economy. It suggests how and where the resources of an economy should be utilised, the optimum ways to utilise the scarce available resources to achieve the enlisted goals. A plan specifies not only the objectives that are to be achieved but also the achievements made in accordance with the last plan. (Hope it helps :) send me a thnx and rate the ans plz )!