Plan Panel to PM: Ministries dragging feet on policy action led to slowdown

Apr 28 2014, 08:17 IST
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Much time was spent in persuading the FinMin, RBI and Sebi to make regulatory changes and bring in Infrastructure Debt Funds, says Plan Panel. Much time was spent in persuading the FinMin, RBI and Sebi to make regulatory changes and bring in Infrastructure Debt Funds, says Plan Panel.
SummaryMinistries including Finance, Railways held responsible for slowdown in growth rate of Indian economy.
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dedicated freight corridors was emphasised in a presentation made to the PM (by plan panel) in December 2004. The Railways were not in favour for a variety of reasons, but mainly because they were not keen to lock in resources to a project involving long-term gain.”

The Congress manifesto incidentally, has highlighted the success and the future promise of this project as the key to revival of manufacturing in the economy.

The deputy chairman has also pointed out another example of policy paralysis—the recommendations made by members of the Commission either as chairmen or members of committees “to inject new ideas into the system many of which are not readily accepted. I am requesting the members individually to submit notes on important suggestions made, which they feel have not been implemented”.

RED TAPE

* THE COMMISSION has prepared an analysis for the Prime Minister, which would be the background paper for his last meeting with the body on Wednesday

* THE PAPER by deputy chairman Montek Singh Ahluwalia has particularly pointed to the finance ministry and the railway ministry on delays in getting projects going

* ON INFRASTRUCTURE much time was spent in persuading the finance ministry, RBI and Sebi to make regulatory changes and bring in Infrastructure Debt Funds

* ENERGY POLICY was hostage to different ministries that were dealing with it, which resulted in the policy being driven by the perceptions of each ministry

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