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My notes 29-10-2015

October 29, 2015, My notes – Part 1

 

Strategy under market led economic growth is to achieve efficiency through compeitition. But, it will not automatically transform in to growth. So, policy framework need to be rightly directed to achieve higher paths of growth. Growth is positively correlated with reduction in poverty( tendulkar and Rangarajn committee estimates)

Here emphasis on efficiency shall not exclude the consideration to equity. Transforming growth in to development needs a conscious consideration to social welfare. In a nutshell, market led economy shall lead to greater growth and the state shall utilize the surplus benefits of the growth to achieve welfare benefits to the poor.

In this context, issues such as lack of transparent pricing of natural resources, pre 1991 controls on some of the sectors, failure to develop the uniform markets need to be addressed. Improving agricultural productivity is a critical area need to be focused to impact the millions of people.

 

Take home conclusions

Reforms do not automatically ensure growth. At best, they are the necessary conditions for growth.  Administrative framework and delivery systems must maximize benefits.  It mean Reforms, definite policy focus, good governance all together can achieve development.

 

Easing business rules

World Bank ease of doing business index places India at 130th position and is an improvement over previous year. The major reasons for improvement include an improvement in regulatory environment. But, access to credit, enforcing contracts, dealing with construction permits still remain as challenges.

 

An apology from Blair

  • Iraq inquiry Committee headed by Sir John Chilcot was appointed in UK on the country entering in to war in Iraq in alliance with USA. It is expected to give its report in 2015.
  • The major issue here is Mr. Blair agreed to support invasion of Iraq, even befor parliament gave its approval for the same.

 

Civil society

Civil society is also involved in building people to people contacts across the countries. Anecdotal evidence suggests that these initiatives have significant potential to inform political decision making. It is proven particularly in case of India Pakistan relations. Public support born of a robust civil society can generate pressure and momentum for reconciliation. Naga Hoho can be cited as a successful example. The success of ceasefire agreement can be attributed to civil society.

 

 

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