This visionary and thought-provoking study is a must read for political leaders, policymakers, business executives, and leaders of civic society interested in India's long-term development. It presents a much needed longer term vision of Indian society and economy within which today's policy debates and actions must be anchored. The volume presents a persuasive case that if India succeeds in sustaining its recent economic success over the longer term (as many East Asian economies have done in the past), India can realistically aspire to become an affluent society within one generation. The study is being released just as the new Indian government is taking office in a political environment that presents a truly unique opportunity to put India into a longer term sustained growth trajectory with financial stability.
Chapter 4: Realizing the Potential: Overarching Imperative—Improving Governance
Realizing the Potential: Overarching Imperative—Improving Governance
[Page 50][Page 51]What is striking and common across the basic inter-generational issues is that their solutions are invariably rooted in the issue of governance. Seven facets of governance must change to transform the Indian economy and society:
- Make the government smarter, more focused, agile and more credible.
- Retool the civil service to meet the needs of today and tomorrow.
- Focus on the long term and open the public-private dialogue.
- Support competitive markets and prevent capture of state organs.
- Inculcate a code of self-discipline and ethical behaviour within the business community.
- Implement priorities, monitor results, ensure transparency and enforce accountability.
- Reverse the deterioration in political governance.
Identifying practical solutions requires appreciation of all these facets that are closely intertwined like the pieces ...