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Role of Public and Private Sectors in India s Development-Selected Simulations from a Macroeconometric Model

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Development Selected Simulations from a Macroeconometric Model Kalyan Raipuria Rajesh Mehta The authors'analysis shows that the present discussion in the country on the role of the public and private sectors in the economy is misplaced. While the public sector needs reforms, the possibilities of substitution by the private sector are extremely limited given the stage and the structure of the economy. The strategy of their complementary roles in promoting the growth of the economy remains valid. While there is scope for improving the production function of both the sectors, the channels and instruments of increasing the role of the private sector in the non-agricultural sector need careful consideration if changes are not to lead to crises of growth and balance of payments.

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