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LATEST NEWS UPDATES | Policy Decision Delays Hitting Eco Growth: Raman Singh

Policy Decision Delays Hitting Eco Growth: Raman Singh

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published Published on Dec 27, 2012   modified Modified on Dec 27, 2012
-Outlook

Opposing direct cash transfer and FDI in retail, Chhattisgarh Chief Minister Raman Singh today said inordinate delay in decision making and complicated procedures for statutory clearances were hurting the country's economy growth and investor sentiment.

He told a meeting of National Development Council (NDC) here, chaired by Prime Minister Manmohan Singh, that the 12th plan has been made on "patronage model" and impinges on the autonomy of the states by making them "mere implementing agencies of centrally sponsored schemes" due to string of conditionalities attached to them.

"Index of industrial production during the first six months of the plan has remained virtually stagnant with manufacturing sector registering negative growth. Similarly, growth in infrastructure sector, which is vital for stimulating demand in other sectors, has been far from satisfactory.

"Investments in power sector are falling as coal linkage and pricing issues are yet to be satisfactorily resolved. Mining activities have come to a standstill in the absence of a streamlined regulatory and environmental framework. Road projects are confronting multiple issues that include land acquisition problems as well as financing constraints which require creative solutions," Singh said.

The BJP Chief Minister said although, the plan document talks about reversing the trend through strong corrective action, the macro-economic indicators have not shown any sign of recovery and "this is likely to affect the GDP growth rate".

He said the growth targets have to be seen in the backdrop of current economic slowdown.

"The key bottlenecks are uncertainty in sectoral policies, inordinate delay in decision making, and complicated and time-consuming procedure for statutory clearances," he said and cited some critical factors impeding the economy's growth and adversely affecting investor sentiment.

Singh said in this background, there is an urgent need to take immediate measures to address macro-economic weaknesses and also create an enabling environment to boost investor confidence by fast-tracking infrastructure projects and pending regulatory clearances.

"The string of conditionalities attached to many centrally sponsored schemes impinge on the autonomy of the states. Many of these so-called reforms agenda, given the diverse socio-economic conditions and varying levels of development, may not be in the best interest of the people of the states.

"For example, the reforms proposed under Agricultural Produce Marketing (Regulation) Act regarding contract farming and private marketing yards, in the absence of appropriate regulatory safeguards, may not be the preferred solution in protecting the interests of our small and marginal farmers," he said.

The Chief Minister firmly opposed reform through 'extension of direct cash transfer (DCT) scheme to PDS' as proposed in the plan document.

"I am firmly of the view that DCT mode may not prove to be an effective guarantee for food security for the needy, "he said, suggesting that such reforms may at best be recommendatory rather than mandatory in nature, with the option of its implementation left to the states.

He said that Chhattisgarh had taken the lead in passing the Food Security Bill in the state Assembly. "We have taken care to ensure that in case of food entitlement under the proposed National Food Security Act being better, the same shall be applicable in the state," he said.

He raised concern over the recent decision to allow foreign direct investment (FDI) in retail sector by the central government.

"My reservation is on two counts. First, FDI should be allowed in sectors which are starved of capital. There is no dearth of private capital and entrepreneurship in India in the organised retail sector. Therefore, FDI in this sector is unnecessary.

"Second, the existing retail market caters to a large number of small and medium entrepreneurs and intermediaries who are likely to be rendered jobless under the new arrangement giving rise to promotion of monopolies and marketing of single brand products. This will be contrary to the spirit of inclusive growth as spelt out in the twelfth plan document," he said, adding the decision should be reconsidered.

Outlook, 27 December, 2012, http://news.outlookindia.com/items.aspx?artid=784956


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