Preparation of Development Plan.

(1) Every Gram Panchayat, Mandal Praja Parishad, Zilla Praja Parishad, Nagar Panchayat, Municipality, Municipal Corporation in the district shall prepare a Development Plan before the beginning of the financial year taking into consideration the tax levied by them and the non-tax revenue received by them and the funds likely to be received from the Government and other departments or Agencies during the financial year and such a plan shall also include the human development or disaster mitigation initiatives proposed to be undertaken during the financial year. (2) The Development Plan shall lay down the targets set under different development or performance indicators for the financial year.