Equity with growth: The three main principal are:
(i) To improve standard of living of weaker sections of the population.
(ii) To reduce income inequalities
(iii) To reduce regional or state inequalities.
Equity and growth both are connected to each other, as an objective of Indian economy. Growth is a continuous increase in GDP over a period of time whereas equity refers to an equitable distribution of GDP. This objective says that the benefit of higher economic growth are shared by all sections of population. This objective opposes the concentration of in only few hands. Ony growth can not guarantee the welfare of people. The possibilities may be that the goods and services that are produced do not reach the masses. Hence, growth along with equity becomes a desirable objective of planning. Thus, equity implies a reduction in the inequality of income and promotion of an egalitarian society.