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Recipe For 8% Economic Growth in India

Authors: Deepali Gupta; Bhadrish S. Raju;

Recipe For 8% Economic Growth in India

Abstract

'Plan the process, measure the results'. The objective of a plan is not only being efficient but being effective too. The measure of your success is directly proportional to your effectiveness. Hence, do not plan the success; plan the process and actions to become effective. This exactly summarizes the deficiency of the Indian Planning System as pointed out by various renowned economists. The basic constraint in attaining a stable 8% growth rate is not just the policy decisions but the various measurement and implementation issues. There has been a great deal of discussion in recent years on economic reforms, but not sufficient clarity about its objectives, rationale or scope. The principle way to realize 8% growth is through improvements in efficiency in both public sector and the private sector. However, this improvement could be materialized only by way of well planned policies and their rigorous implementation. It would be worth the effort if the entire process of implementing the plan is identified and followed at all levels. This requires sufficient political will and a minimum consensus because Bill Crosby mentioned: I don't know the key to success, but the key to failure is trying to please everybody. Thus, what is required on the part of the Indian state is to act on the lines of Japan and try to dissipate the image of being a soft state as noted by the Nobel laureate Kravis.

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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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