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Premium member Presentation Transcript Development Imperatives : Development Imperatives Dr. B. Yerram Raju The Fundamentals : The Fundamentals Freedom Refers to what economists call capability of ‘doing this or that’ or ‘to do this or that’ in the pursuit of the ‘good of the society. Involves protection of The Right not to be hungry The Right to shelter The Right to freedom from disease and squalor The Right to education The Right to livelihood and the like. 2 copyright: yerramraju Development is --- : Development is --- Removal of Poverty Unemployment Inequality Illiteracy and ill health And is one of ensuring participation in Government Growth is derivative of the foregoing and not GDP 3 copyright: yerramraju Core Tenets of Development Consensus : Core Tenets of Development Consensus The need for raising domestic savings ratio Industrialization with emphasis on building capital goods sector An forward-looking trade strategy characterized by import substitution in a wide range of industries and export competitiveness as two wheels of trade development Progressive investment and allocation – FII and FDI calibration and watchful interventions. 4 copyright: yerramraju Savings as engine of Growth- Reservations : Savings as engine of Growth- Reservations The ability of the Government to raise aggregate savings when households can anticipate the policy impacts on future income streams and adjust their savings accordingly. An increase in the savings ratio provides only a temporary rather than a permanent boost to the rate of economic growth. Year-on-year changes in domestic product suggest that only a part of growth can be explained by capital accumulation or increases in employment. Strong link between savings, technological innovation and knowledge management. 5 copyright: yerramraju Pitfalls of Industrialization : Pitfalls of Industrialization Industrial expansion generates a net increase in demand for food even when large scale disguised unemployment and underemployment in agriculture surfaces. SEZs are monumental strategic failures because of poor location, improper regulation and monitoring and indiscriminate legal encroachment of agricultural lands. Emergence of Food and Forex Constraints. 6 copyright: yerramraju Infrastructure holds the key : Infrastructure holds the key Size of investments in Power, Roads, Ports, Roads are beyond the capability of Government A calibrated policy for PPP becomes imminent Long term strategy for investment without sacrificing the HR interests Education to move in tandem with infrastructure expectation Engineering, polytechnic and other technical education to move in tandem Employment, wage and social security policies to move also in tandem 7 copyright: yerramraju Agriculture in Economic Development : Agriculture in Economic Development Intersectoral balance to be maintained Food prices hold the key to inflation Balance of payments to be kept in watch Macro economic stabilization depends on managing the food surplus Farm Subsidies – quantum, direction and utilization hold the key for farm growth System of Minimum Support Price Watchful flow of credit for agriculture – Investment credit and Short term credit to flow at even pace Agriculture Marketing needs reform to distance from the strangle hold of politicians. Strengthening rural credit institutions – Cooperatives in particular, RRBs, and Commercial Banks- is the key for farm growth 8 copyright: yerramraju Compatibility : Compatibility Advances in genetic engineering and biotechnology have profound influence on the future human formations Natural Resource Generation and balanced growth in Forestry, Horticulture, Animal Husbandry, Pisciculture hold the key for sustainable agriculture growth. Remote sensing of Earth will lead to monitoring, assessment and analysis of events and resources at and below the surfaces of land and sea. Mitigation of natural disasters like floods, cyclones, holocausts, earthquakes, and landslides, critical Restorative Agriculture (Prescription farming), Precision Farming, Climate optimization techniques, soil treatment and plant types, Water optimization and integration between surface and ground water resources will have to rule the future reform in farm sector. 9 copyright: yerramraju Rural Development – Key Factors : Rural Development – Key Factors Managing Population Managing Environment and Resources Managing Information Technology Managing Tensions and Public Issues Micro Credit and Micro Insurance and SHG efforts to improve with easy and cost-effective flow of resources – Regulation should be with the Central Bank of the country. 10 copyright: yerramraju Strengths : Strengths Well regulated financial system Expanding technology Improving Public Enterprises in Oil, Airlines, Heavy Machinery, Nuclear technology and Banking A Youthful nation – with energy and enthusiasm bubbling Scientific and technological institutions graduated to meet the growing demands in research and development Entry and Exit norms for foreign investments liberalized Regulatory mechanisms calibrated for growth. 11 copyright: yerramraju Still Problems Galore : Still Problems Galore Inefficient and almost failed PDS Subsidies led to inefficient use of inputs and low total factor productivity in agriculture Tampering with Repayment culture thru periodical loan write-offs and interest write-offs came in the way of equity and discipline in institutional farm credit dispensation State-run Irrigation works, Electricity Boards (GENCOs and TRANSCOs) Procurement and PDS are monumental failures and wasted resources Flow of resources to rural areas still impeded Narrow politics at all levels coming in the way of Growth. 12 copyright: yerramraju Unfinished Agenda : Unfinished Agenda Reforms in the Farm Sector Spot Exchanges, Grain Storage and Futures Markets inter-relationship to be strengthened Special Economic Zones and Open Cities to be monitored and strengthened to create employment and enhance global competitiveness in infrastructure Analyze public expenditure programmes to ensure that poor actually benefit from them Strengthen and reform the forestry sector to ensure environment conducive to economic growth Off-farm and non-farm livelihood opportunities should turn out as economic opportunities for poverty alleviation Capacity Building to hold the key for infrastructure growth. 13 copyright: yerramraju So……. : So……. Self-reliance can be achieved only by practice of self-help within local communities Practicing self-help pre-supposes an enabling socio-economic and legal environment Empowerment of communities and individuals have to move hand-in-hand Poverty and Access To Endowments are closely connected in an inverse geometric proportion. State Intervention shall remove disability or access to endowments for the extremely poor. Federal structure shall only facilitate and not impede the strategic approaches to reducing poverty. 14 copyright: yerramraju Slide 15: Thank you 15 copyright: yerramraju You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.