India can become $10 tn economy with no poverty: Kant - Moneylife

India can become $10 tn economy with no poverty: Kant - Moneylife

Planning Commission to NITI AAYOG

It is comforting to see that the Government’s intention to rebuild the Planning
Commission, which was described by Prime Minister Modi as a ‘house in
disrepair’ needing reconstruction in his first Independence Day address from
the ramparts of Red Fort on August 15, 2014, is gradually being converted to
actionable sub-projects. It would be a great idea to reinvent planning by
splitting the present 2032 Vision into three 5 Year Plans, first one
terminating in 2021.
NITI Aayog since its coming into being has been having serious debates and
generating several work papers, involving stakeholders, economists and experts
in various fields who had earlier confined their activities in teaching in
reputed institutions or writing in the media or producing excellent research
papers. Modi need to be credited with the effort to make planning and execution
more democratic and participative.
Removal of poverty in India in a decade and a half is an achievable goal. We have the
resources, we have the manpower and we have capacity to build necessary
infrastructure at ‘short notice’. Resources include unmapped natural resources,
untapped domestic stock of valuables including surface stock of gold, potential
inflow of funds from NRIs and the unexploited human resources. To exploit these
resources, planning has to be bottom-up. Ask the district level administrations
to map the resources taluka-wise and come out with plans to deploy them for
local economic growth and development.
Long back, some efforts were made in this direction through the banking system at
the instance of the Reserve bank of India. The reference is to Lead bank Scheme
and District and State Level Bankers’ Committees in which several state
government and non-government agencies participated recognising bank credit as
a tool for catalysing economic growth. A rebuilding of institutionalised
coordination efforts for grass-root level development is overdue.

M G Warrier


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