7/29/2019 The Economics Times Dec2008
http://slidepdf.com/reader/full/the-economics-times-dec2008 1/2
FMlI08WABD .
7/29/2019 The Economics Times Dec2008
http://slidepdf.com/reader/full/the-economics-times-dec2008 2/2
Policy responses high on agendNon-planned
expenditure,
state and UT
plan
assistance in
the budgetmust be
diverted
towards
infrastructure
development
The globallinanctal crisis is causing a ronsiderable slowdown in
most developed countries. Gov-ernments are trying to containthe crisis. but the worst is nut yet
40
over. Stock markets arc down more than0,.{, from their recent highs. Investment
banks have .collapsed, rescue packages involving more than a trillion dollars are being drawn up, and interest rates have beenC1Jt around the world ill what looks like acoordinated response. India hasbeen badlyaffel1ed by tbe financial contagion. trade
and trade prices. reinitulllCeS.and aid in tbisrecession period. This condition has led toweaker export revenues. lowerinvesunentand growthrates. loss of employment, having social ellect of lower growth translatinginto higher poverty. more crime, weakerhealth systems and even more difficultiesmeeting MDGs.
The currellt macro economic and socialchallenges posed by the global financial eri-sis require appropriate policy responses forreviving industrialisation on one hand andresponding to the impact of climate change
KC MALICK
Chairman,
BISWA
and pro-poor development on the other.The following measures can be taken tomaterialise this duo facto approach:
Infrastructure development: The
other non-planneand UT plan assbudget. that is 17
wards infra st ruet uschemes like. conways. houses, elecing a need for thetries like steel u'm
River basin m
ing industries can up the vacant placing sands from thhelp control floodjob opportunitie
promote agro-baforestry. fisheriesservation for conand sodo econom
Financial incgrowth : Increasiof the poor throuthe grass roots lCOllage MSMBs iproducts and servi
These efforts cain reviving the indMDGs ina su tain