2. What is the Importance of statistics ?

Importance in planning

Planning is indispensable for achieving faster rate of growth through the best use of a nation’s resources. It also requires a good deal of statistical data on various aspects of the economy.

One of the aims of planning could be to achieve a specified rate of growth of the economy. Using statistical techniques, it is possible to assess the amounts of various resources available in the economy and accordingly determine whether the specified rate of growth is sustainable or not.

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