Discuss the role of statistics in economic planning.
Statistics are used in economic planning for the following purposes
(i) Statistical data help us in comparing the rate of development of one country with the rate of development of the other country.
(ii) The importance of consumption, production, distribution etc can be known from the available statistical data.
(iii) The success that a plan achieves is measured best by the use of statistical methods.
(iv) Statistical data are used for knowing about the progress in the techniques of production, volume of productions imports, exports, etc.
(v) Planning involves fixation of targets and priorities. Targets which are fixed, have to be achieved within a specific period of time.