New economic think-tank is speculated to be formed soon in Korean style
The government is likely to set up a new economic think-tank reporting directly to the head of the government. This will be on the lines of the Korea Development Institute after dismantling the planning commission. The planning commission once had formidable economist and former Prime Minister Dr. Manmohan Singh as deputy chairman.
Some policy analysts who have served on the commission are of the view that the planning commission did serve a useful purpose. They expect that the government should at least continue with the current 12th five year plan that is scheduled to terminate in 2017.
One such member, Abhijit Sen, fears that without the plan panel, development would be haphazard, especially in the poorer states. Sen is now a member of the 14th finance commission. Mr. Ajay Chibber mentioned that In India, the think-tank would report to the Prime Minister. Chibber heads the independent evaluation office (IEO) attached to the planning commission.
The focus of the new body, broadly in line with the recommendations of the Chibber report, would be to provide solutions to long-term challenges like climate change, demographics, land and water management and the like.
It is also proposed that it would also work on crosscutting systems reform like governance, malnutrition, labour, land management, regulatory systems and long-term finance. It is very important for a growing nation like India to plan its growth.
Source- Financial Chronicle
14th Finance Commission, Abhijit Sen, governance, independent evaluation office, Korea Development Institute, labour, land management, malnutrition, Manmohan Singh, Planning Commission, regulatory systems
