ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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From 50 Years Ago: 3-D Show

Vol III, No 49 december 7, 1968

Last Friday’s meeting of the Standing Committee of the National Development Council did much damage to the Planning Commission’s claims to being an independent, expert body … By confirming the impression of being the Finance Ministry’s handmaid, the Commission has seriously compromised its authority to pronounce on delicate political issues like the break-up of the Fourth Plan investment programme.

At a fairly early stage in its career, the revamped Commission had surrendered its judgment to the Finance Ministry set-up. Nowhere is this reflected more than in Gadgil’s whole-hearted endorsement of the Finance Ministry’s views on resources. Stringency of resources has been Morarji’s excuse for keeping down public investment even as Government has made the most strenuous efforts to stimulate private investment … the Commission’s endorsement of the ‘no resources’ line is more plausibly explained by the fact that it provides it with a ready cover for its failure to work out an investment programme—meaning thereby not useless lists of ‘key’ and ‘priority’ industries but well worked-out projects arranged in some order of priorities and phased out from year to year.

Without an investment programme it is pointless to talk of stepping up public investment, whether financed by resource mobilisation or through budgetary deficits.

Updated On : 7th Dec, 2018

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