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Monday, Oct 18, 2021
Outlook.com

"The Centre Can't Continue To Be In Command"

Dr Bimal Jalan, member-secretary of the Planning Commission, tells Outlook

"The Centre Can't Continue To Be In Command"
outlookindia.com
-0001-11-30T00:00:00+05:53
Isn't the 7 per cent growth target too high, especially since the Eighth Plan target was only 5.5 per cent?
It won't be a target if it weren't achievable. We've already done about 6-6.2 per cent. The Eighth Plan (1992-97) started in the middle of a crisis, but we managed to exceed that target. There's no reason we can't step it up to 7 per cent.

But what about resources? Can we raise our savings rate further?
Public savings is critical, but low. But you cannot regard our domestic savings rate as very high. The target is 26-26.5 per cent, which is well within the ballpark figure. The experience worldwide is that increase in incomes has a positive impact on savings. At a 2.4 per cent current account deficit level, there's a great scope for foreign direct/NRI investment. Also, industry has to use resources more productively. Take the project completion rate—a project which was to be completed in five years, may take up to 15 years. The productivity of capital is low, that has to be increased.

What are the Plan's thrust...

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