A midway diversion to nowhere
The desperation shown by the government functionaries especially
by PM and FM in past 7-8months is exemplary. The “whatever it takes” façade
presented by the duo did indeed enthused everyone for a while.
However, a conspicuous lack of vision, leadership and commitment
that had in fact been the key weakness of most Indian governments since mid
1980’s has exposed the reality quite early in the day. The enthusiasm has given
way to frustration and dejection all over once again.
In our view, the current socio-economic mess in the country is
outcome of total adhocism in policy and program formulation &
implementation, non compliance with the comprehensive socio-economic structure
conceived in the Constitution, and lack of committed leadership, especially in
past three decades.
The political establishment has so far mostly failed in
justifying the midway diversion from the prescribed socialist framework taken
in mid 1980’s. The obduracy shown by successive governments in relinquishing
enormous amount of discretions enjoyed by political establishment has been a
consistent obstruction in the way to evolve the intended quasi capitalist or
neo-socialist policy framework that would lead to sustainable and faster
growth.
A brief spell of high growth, which many may find accidental in
hindsight, has probably misplaced the popular aspirations and thus added to the
complexity of the problem.
The following are some of the glaring examples of lack of vision
leading to ad hoc policy and program formulation leading to faulty
implementation and avoidable strain on the fiscal balance.
(a)
Lack of vision and commitment on public sector investment
policy, especially public sector enterprises.
(b)
Completely adhoc policy framework on foreign
capital, through FDI, portfolio investment in equity and debt.
(c)
Failure in implementing an integrated energy
policy.
(d)
Misdirected sustainability program – reflected
in incongruent environment protection norms, inequitable resource allocation,
imbalanced agri pricing, marketing and input subsidy policies.
(e)
Attempt to implement massive social security and
inclusion programs, like MNREGA, PDS, RTE, no-frill banking etc., without
developing a conceptual framework and adequate delivery mechanism.
We shall be discussing these in some details in coming days.
We feel that the country needs to comprehensively review the
constitutional framework for evolving a wider consensus on the policy direction
for sustainable socio-economic development in the current context. Leaving many
things to the discretion of the government of day may not serve much purpose.
To be continued…
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