ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Industrial Finance-Keeping Everybody Happy

Industrial Finance-Keeping Everybody Happy

it it be part of the Government. The myth of an independent Planning Commission has obscured the fact, which should have been obvious all along, that the real, and in fact only, underpinning that planning can have is the commitment to it of the political leadership which means, in effect, the Government of the day. The Government's commitment, or lack of it, may be the product of a complex of pressures from within the ruling party and from the wider political processes and interest groups in society. However, that it is this commitment which makes all the difference could be seen in the virtual demise of planning towards the end of the Third Plan when the Central Government under the late Lai Bahadur Shastri just simply lost interest in the whole business. Proof of a different kind may be seen in the sterility of the Planning Commission under the late D R Gadgil when it sought to assume independent postures vis-a-vis the Government on matters which belonged to the realm of political decision-making (e g, nationalisation of banks, industrial licensing policy).

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