India is in the midst of extensive and intensive economic development. It is a rising power and is one of the fastest growing economies in Asia. The rapid economic growth is the result of the policies of the government in consultation with the private sector. This article highlights some of the aspects of extensive and intensive economic development in India. Policy makers of both the private and public sector have made policies that are driven by economic considerations. Economic factors are used to plan the allocation of resources, increase profitability, reduce poverty and provide services that address the needs of all sections of society.
The private sector has played an important role in planning the policies for development of the economy. There are policies that are developed for the betterment of business operations in the state. There are policies that have been developed for the development of the state infrastructure. Major projects are developed by the private sector, which include medical institutions, IT Parks, Education institutions, malls, skyscrapers, retail parks, and various other projects.
The government's role in the overall scenario of extensive economic development in India is indirect. Policy makers of both the private and public sectors have designed policies that will serve the needs of all sections of society. Policies are formulated to ensure basic human rights are protected. The policies also aim at improving the standard of living, reducing poverty and at ensuring the basic infrastructure is developed. These policies are implemented through the state structure and the implementation of the right management structures at the grass root level.
Comprehensive development plans are formulated that lay down a strategy for implementation. The strategies are designed taking into account all aspects like finance, internal revenue, promotion of private capital, public works, education and health and environment. Policy makers work closely with the representatives from different sections of the society. Experts from various fields are involved in the formulation of the comprehensive development plan. This ensures a coordinated effort and a sense of teamwork at the grass root level.
The central government usually funds the intensive economic development program. The state governments also play a significant role in the development of the economy. They provide subsidies on various development programs and use their revenues to fund the development programs. They use the funds for increasing the infrastructure and improve the health and education facilities. They may also distribute grants to individuals for setting up business or for purchasing property.
Development policies are formulated for different purposes. Some of them are geared to increase employment opportunities for the youth. At the same time, the policies are designed to reduce poverty and achieve balanced growth. Multi-sectoral development programs are implemented that includes participation of the private sector, investment, and free trade zones. Charitable organizations and social service programs are also utilized for the purpose.
There are many private sector organizations that are designed for developing various projects. The resources from these companies are available for the comprehensive development of the economy. The comprehensive development programs may include employment generation, training of the skilled professionals, creation of business sectors, and the establishment of basic infrastructure. Several private sector organizations have been developed for promoting environmental-friendly policies, joining international economic forums, and other similar activities.
Economic development is highly dependent on comprehensive planning. Although the decision-making process varies from one polity to another, the overall planning process remains the same. The extensive and intensive implementation of the development programs is the key to achievement of the desired development goals. For this purpose, the participative involvement of local residents in the development process is essential.
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