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Re: Summary of Survey



Dear Utkarsh,

I have tried to include some of the points from the list you provided
after and excellent short-listing exercise. Please verify the manifesto
and agenda. In many cases, though, the points were extremely weak, as is
usual with the confused thinking that has pervaded in the past 50 years. 
Instead of hitting at the source of the problem, these were just like
beating about the bush, retaining the existing corrupted structure, and
not willing to let the market determine prices of money (interest), and
continuing to interfere with most productive activities directly. 

I don't see any willingness to part with "lucrative" things like the PWD's
construction work, the state electricity boards, etc. There is compelete
distrust showing up of the privates sector in most recommendations, if you
look closely at them, even while there is talk of "market responsiveness."

Well, after you have gone through the points I introduced in the
Manifesto/ agenda, please see if any other ones are needed to be added.

As usual, there is not much thinking that I have been able to do while
recording these points, and I reserve the right to debate with at least
some of these points in future.

Thanks for the very constructive work, though. We need more members of the
list to wake up and start contributing. Yawn!! It is morning folks!

Sanjeev
***************************************************************************

On Fri, 29 May 1998, BDP India wrote:

> Sanjeev:
> 
> Following is summary I have tried to put together from the survey, I had
> forwarded yesterday. Please see if we can use any point and solution in
> the Manifesto. 
> 
> Thanks,
> 
> Utkarsh
> 
> 1. Step up foreign investment
> 
> Solution: Bold policy initiatives, procedural simplifications inforeign
> direct investment (FDI) 
> 
> 2. Restore confidence in the capital market
> 
> Solution: Measures to bring back small investors to the capital market
> by raising the transparency and accountability of listed companies as
> well as that of capital market intermediaries
> 	
> Maintain a market-responsive exchange rate determined by fundamental
> demand and supply factors
> 
> Remove numerous controls and impediments to the setting up and
> functioning of the derivative markets
> 
> Constraints on hedging of exposure on international markets must be
> phased out
> 
> Modern, well-regulated, forward and future markets are essential for
> efficient management of risk
> 
> 3. Reduce fiscal deficit
> 
> 4. Invest in infrastructure
> 
> Solution: Steps to develop the domestic debt market should be designed
> to facilitate the flow of contractual savings for infrastructure
> financing. 
> 
> Eastern Uttar Pradesh, Bihar and Orissa could be target areas where
> higher investments in rural infrastructure by way of improved water
> conservation and delivery systems, fertilizer use and credit
> availability should receive special focus. 
> 
> Relieve infrastructure bottlenecks must encompass both creation of
> additional capacity in various sectors as well as initiatives to induce
> much higher capacity utilization.
> 
> Encourage both private and public provision of infrastructure services
> in a competitive environment and with an appropriate and transparent
> regulatory framework, this broad approach calls for an acceleration of
> sector-specific reforms to tackle existing lacunae in the design and
> implementation of policies. 
> 
> Low capacity utilization and high transmission and distribution losses,
> unrealistic tariff policies and non-commercial approaches of state
> electricity boards constrain both the levels of generation and
> distribution from the existing power network as well as the flow of
> fresh investment into this sector. 
> 
> Lower and finally remove subsidies in railways and postal services. 
> 
> Remove outdated organizational modes and low productivity of labor and
> equipment from all of India's ports. Invest in new roads and the quality
> of maintenance of existing networks. 
> 
> 5. Do away with the 'inspector raj'
> 
> 6. Reduce controls in industry, agriculture, trade, infrastructure,
> finance and social services
> 
> Solutions: Steps to boost export growth, revive the primary capital
> market, encourage higher private and public investment, relieve
> infrastructure bottlenecks and boost demand for core industrial sectors,
> and fiscal and monetary policies aimed at moderating real rates of
> interest and ensuring adequate availability of productive capital to
> industry
>  
> Reform of inappropriate policies, unproductive government programs and
> inefficient public organizations
> 
> 
> 7. The eradication of poverty and unemployment must be the abiding goal
> of development policies and programs
> 
> Solution: Public programs for social services, rural development and
> employment generation to provide an effective safety net for all those
> millions at the margin of the growth process. 
> 
> 8. An improvement in the performance of non-traded infrastructure
> (energy, transport and communications) and restoring the export growth
> to reasonable levels.
> 
> 9. Tax reforms at the state level
> 
> 10. Banking
> 
> Solutions: Measures need to be taken to induce banks to step up delivery
> of non-food credit to medium and small industrial units
> 
> The banking system to be reformed to bring interest rates down to
> competitive pressures, greater efficiency and lower implicit taxation of
> the banking sector
> 
> Access of companies to debt markets also needs to be improved by
> deepening and widening these markets
> 
> Modernize and improve the regulatory and payments system to get them on
> par with developed countries
> 
> 
> 11. Education
> 
> Solution: The constitutional provision of making primary education free
> and compulsory up to the fifth standard should be implemented as soon as
> feasible. The provision of free education for girls must include in the
> constitution. 
> 
> 12. Health, Water supply, Sanitation, Housing
> 
> Solution: Government must clearly play a leading role in ensuring
> universal provision of basic minimum services. Policies should be
> designed to encourage private provision of such services. 
> 
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