Development Of India:A Co-Integration Analysis
The function of planning in a predominantly market-driven economy has to be symptomatic, co-coordinative and authoritarian. That provides the good reason for India’s Planning Commission to engage in preparing development plans for the economy periodically even after liberalisation. However as it can’t control investment in the private sector so such planning can at best be at least indicative. So the five year plans are now seek to provide an indicative path of development by setting out the imperatives for alternative growth scenarios in terms of macro-variables. It is still be necessary for planning commission to integrate and coordinate the plans of different ministries and undertakings of the central government, and bring them in line with the medium and long-term goals while keeping within the budget constraint. At the same time, the system of transfers from the centre needs to be reformed. There should be some rethinking on the relative roles of the planning commission and the finance commisson. In this paper an attempt has been made to analyze the inter relation between economic development and directive roles of planning process in India.
Volume (Year): 5 (2010)
Issue (Month): 4 (december)
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