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

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State s Role in Development

State's Role in Development A Vaidyanathan WHILE national planning and particularly the role of the state in guiding and shaping economic development in our country has always been a contentious subject, there was a rather wide consensus around the time of independence about the necessity for the state to play a leading role in the development process. The reasoning of course varied: The Bombay Plan prepared by leading Indian businessmen saw massive public investments in infrastructure and basic industries as being necessary to facilitate growth of the private sector and set the country on the road to rapid development. The socialists emphasised the importance of public ownership and state control over the private sector to correct the existing inequities and injustices, as well as inequities and injustices associated with unfettered capitalist development. In the event a compromise evolved in which the basic concept of overall national planning with a major role for the public sector was accepted but the bulk of production and a large part of fresh investment was still left with the private sector.

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