New Delhi - Laying emphasis on the need for good economics to complement good politics, Planning Commission Deputy Chairman Dr. Montek Singh Ahluwalia today stated that no society can have a future without the two and the systems would run down in the absence of a positive balance.
Dr. Ahluwalia stated that he is a firm believer that good economics can lead to good politics but the path to it is not easy. He further said that bad policies exist because of vested interests and to address this issue, electorate needs to be adequately informed to understand who is benefiting from policies of the Government.
Mentioning energy pricing as one of the most difficult areas of policy, Dr Ahluwalia highlighted that as India imports majority of its energy needs be it crude oil, natural gas or coal, the domestic price of energy should reflect the imported price.
"Benefits of such change would only occur over a period of time whereas costs are evident immediately," he added.
Emphasizing the role and importance of institutional participation of business, Dr. Ahluwalia urged the CII to assess 12th Five Year Plan and bring out 15 potentially controversial things with its views on agreement or disagreement. This, according to him, will offer a better chance of good sensible economics being complemented by good politics.
Bharatiya Janata Party ( BJP) MP Ravi Shankar Prasad, who also addressed the forum, stated that good governance is the critical link between good economics and good politics.
Emphasizing that good economics is imperative for economic growth, Prasad stated that India had squandered away lot of opportunities focusing on distribution and not on capacity expansion.
Emphasizing the importance of good governance, he highlighted four contemporary (policy) issues in sectors relating to coal allocation, national highways, real estate and telecom where good policy work failed to deliver desired results due to bad governance.
Concluding, Prasad said that the inherent potential of the country is waiting to explode and politicians have to become facilitators by practicing good economics, good politics and proper governance and should not be road blockers.
The chief editor of Business Standard, T N Ninan, while speaking on the forum, stated that the economic reforms issue has not really figured adequately in the political framework. He said that managing the economy well is a necessary but not a sufficient condition for the political parties to bring them back in power.
Haryana Chief Minister Bhupinder Singh Hooda in his address stated that good economics and good politics are the two sides of the same coin and if put together they lead to good governance.
Referring to Kautilya, he stated that good economics should be driven by the motto of service and welfare of all sections of the society.
Hooda pointed out that the industry friendly policies of his government has benefitted the State by catapulting the average growth of state GDP from 6.4 percent between 1966-67 to 2004-05 to an annual average growth rate of 9.3 percent in last eight years.
Sharing important statistics on investments in his State, he mentioned that 87 percent of all investments made in Haryana came from the private sector and the state enjoys a high implementation rate with 81 per cent of the investments are under implementation stage.
Hooda said that for inclusive growth, it is important to give economic value to land, create employment opportunities and make people employable by inculcating in them skills.
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