Bangladesh: A Macroeconomic Management Setting the …



Thoughts on Economics

Vol. 18, No. 05

Bangladesh: For A Development Management

Setting the Economy’s Take-off

Dr. S. M. Ali Akkas(

(Abstract: Bangladesh has the potentials for take-off. Many of the preconditions are already met. Among these are the very high investment-GDP ratio, extensive network of road and telecommunication, reawakening of manufacturing sectors along with readymade garments as the lead sector. However, the major limiting factor is the lack of quest for take-off by the political authority, i.e., the vision and mission for take-off. It badly needs ‘good governance’. The paper attempts to identify Bangladesh’s position as regards take-off of its economy and highlights the need for a development paradigm shift and the need for setting a revised strategic vision for the country. It also emphasizes the necessity for resetting the country’s strategic mission for development.)

1. Introduction

Despite facing ample challenges as encountered by most developing countries of the world, Bangladesh economy should have consistently been prepared for take-off. There are quite a number of glaring failures but the commendable successes it has attained during the last one and a half decade in macro management of the economy have formed a ground for take-off, which may pave the way for resolving many of the critical development problems such as poverty, illiteracy, unemployment and low productivity within a foreseeable future. This is not an artificial attempt to altering pessimism into expectation of false hope, rather to help build, on what has already been attained, a foundation for what ought to be done next. It is rather some sort of confidence building based on some positive change that has already taken place in the economy.

Without going into the debate of the soundness of Rostow’s stage thesis, the concept ‘take-off’ has been deliberately chosen in the present article to express an emphatic drive that a developing country needs in setting dynamism in its economy for a sustained development. The prerequisites for ‘transition’ and the ground setting needed for ‘take-off’ have been conceived as prompt and timely actions needed for a desperate nation aspiring quick development of the country.

Section-2 of the paper attempts to identify Bangladesh’s position as regards take-off of the economy. While Section 3 and 4 highlight the need for a development paradigm shift and the need for setting a revised strategic vision for the country respectively, Section-5 emphasizes the necessity for resetting the country’s strategic mission for development and highlights the strategic direction of the country’s development. Section-6 outlines the strategic actions the country needs to put in place for take off. Section-7 concludes.

2. Where does Bangladesh stand in terms of Take-off and the Pre-requisites – An Analysis from Macroeconomic Management Perspective

Take-off stage, as Rostow defines, is the third of his five stages of development viz: traditional, transitional, take-off, maturity and high mass consumption (Rostow, 1960). It is a short ‘stage’ of development when growth becomes self-sustaining. Investment must rise to a level in excess of 10 percent of national income in order for per capita income to rise sufficiently to guarantee adequate future levels of saving and investment. Also important is the establishment of what Rostow calls ‘leading growth sectors’. Historically, domestic finance for take-off seems to have come from two main sources. The first has been from diversion of part of the product of agriculture by land reform and other means. The second source has been from enterprising landlords who voluntarily plough back rents into commerce and industry.

In practice, the development of major export industries has sometimes led to take-off permeating substantial capital imports. The sector or sectors, which led to the take-off, seem to have varied from country to country, but in many countries, railway building seems to have been prominent. Certainly, an improvement in the internal means of communication is crucial for expansion of markets that facilitate exports, coal, iron and engineering. However, Rostow argued that any industry could play the role of the leading sector in the take-off stage provided four conditions are met. First, the market for the product should be expanding fast to provide a firm basis for the growth of output. Second, the leading sector generates secondary expansion. Third, the sector has an adequate and continual supply of capital from ploughed-back profits. Finally, the new production functions can be continually introduced into the sector, meaning scope for increased productivity.

Rostow contends that the beginnings of take-off in most countries can be traced back to a particular sharp stimulus, which has taken many different forms, such as technological innovation or more obviously a political revolution, e.g., Germany in 1848, the Meiji restoration in Japan in 1868, China in 1949, and Indian independence in 1947. Rostow is at pains to emphasize that there is no one single pattern or sequence for take-off. Thus, there is no need for developing countries today to recapitulate the course of events in, say, Great Britain, Russia or America. The crucial requirement is that the preconditions for take-off are met. Otherwise the take-off, whatever form it takes, will be abortive. Investment must be over 10 percent of national income; one or more leading sectors must emerge; and there must exist or emerge a political, social and institutional framework, which exploits the impulse to expansion. Examples are given of extensive railway building in Argentina before 1914, and in India, China and Canada before 1895, failing to initiate take-off because the full transition from a traditional society had not been made.

The main economic requirement for transition phase, the preconditions for take-off, Rostow says, is that the level of investment should be raised to 10 percent of national income to ensure self-sustaining growth. The main direction of this investment must be in transport and other social overhead capital to build up society’s infrastructure. The preconditions of a rise in the investment ratio consist of a willingness of people to lend risk capital, the availability of men willing and able to be entrepreneurs and to innovate, and the willingness of the society at large to operate an economic system geared to the factory and the principle of the division of labour. On the social front, a new elite must emerge to fabricate the industrial society and supercede the authority in the land-based elite of the traditional society. The new elite must channel surplus product from agriculture to industry, and there must be a willingness to take risks and to respond to material incentives. Moreover, because of the enormity of the task of transition, the establishment of an effective modern government is vital. The length of the transition phase depends on the speed with which local talent, energy, and resources are devoted to modernization and the overthrow of the old order and in this respect, political leadership will have an important part to play (Thirlwall, 1994).

2.1. An Investment-GDP Ratio met necessary condition for take-off:

It was the contention that an economy to take-off would require investing more than 10% of its national income. On that consideration Bangladesh economy was suppose to take-off from the beginning of the 1990s. Unfortunately, that did not happen. From that time there has been a constant rise of investment-GDP ratio reaching as high as 25% in FY05-06 (Fig-1), showing a declining trend in the last two fiscal years (Ministry of Finance, March 2008). Where is the problem? Is it due to the lack of political leadership and/ or the lack of governance or something else?

2.2. Relatively Higher Control on the Economy in financing National Budget

There has been a steady progress in the rise of Revenue-GDP ratio from 9.6% in the FY2000-01 to 11.3% in FY07-08(Ministry of Finance, March 2008). The Expenditure-GDP maintains the same trend as of the Revenue-GDP ratio, showing some control on the management of national budget. Of course, the declining tendency of ADP-GDP ratio appears to be a grey area (Fig-2).

Even in a situation of still weak governance in tax administration, there has been an improvement in the Revenue-Expenditure ratio during FY2000-01 to FY05-06 (Fig-3). The ratio has had a constant upward movement from 60% in FY2000-01 to 73.5% in FY05-06 with a subsequent deterioration in FY06-07 and FY07-08 (Ministry of Finance, March 2008).

2.3. Uncontained Improvement in the External Sector of the Economy

Bangladesh economy had experienced a constant improvement from early nineties in terms of increase in both export and imports as percentage of GDP (Fig-4a). Export as a percentage of import progressed from 49% in 1990-91 to 70% in FY2001-02 but weakened thereafter. The situation improved in FY05-06 and FY06-07 due to a fall in import cost relative to export earning (Fig-4b) in spite of sharp drop in the export-import ratio due to political turmoil in FY 05-06. It seems that the country has gained some real control on foreign trade, even if the export sector heavily relies upon the sole export item, the garment, which is horribly risky by all considerations.

Further, the balance of payments situation of the country has continuously been less volatile showing an improvement in the management of the external sector of the economy by the improvement of the Current Account Balance situation except in FY00-01 and FY04-05 when the C/A balance was negative. The country has experienced notable Current Account surpluses in FY05-06 and FY06-07 (Fig-4c). We observe that there had been a further improvement in C/A surplus in FY06-07 in spite of the deterioration in trade deficit. That means, it was not trade, rather remittances that led to surpluses in the Current Account Balance in FY06-07. It is also noticed that there was a lower C/A surplus during Jul-Dec’08 compared to Jul-Dec’07 due to higher trade deficit during Jul-Dec’08 compared to Jul-Dec’07 (Fig-5).

2.4. On the Plane of Deficit Financing

The Budget Deficit varied between 3.4 – 6.0% of GDP during the past one and half decade covering three election regimes and the present care-taker government (Fig-6). Budget deficit tended to be contained by each elected regime in the beginning of their getting into power but deteriorated in the terminal years of their offices. We observe a deterioration in budget deficit again in FY07-08, which is likely to deteriorate further in the coming FY08-09 because of huge deficit financing in the new budget.

Fig-6 further shows that financing budget deficit through bank borrowing was never very significant (i.e., not more than 1.5% of GDP) until FY05-06, but it soared during the last two fiscal years FY2006-07 and FY07-08 (Ministry of Finance, 2008). This is one of the major causes of recent inflation, others being price hike in world foods items and internal shortage of food supply due to floods and cyclone Sidr.

2.5 An Encouraging Performance of the Industrial Sector

2.5.1 Growth of Industrial Sector

How far the industrial sector would come up in the way to take-off? Statistics shows that the contribution of the industrial sector to GDP has grown from 17.31% in 1980-81 to 29.77 % in 2006-07, of which the contribution of manufacturing sector is 17.79 %. The estimated growth of manufacturing was 11.19% in FY06-07 compared to 5.64% during 1997-2001 and 5.48%, 6.75%, 7.01% and 8.19% during FY01-02, FY02-03, FY03-04 and FY04-05, respectively (Fig-7a) (Ministry of Finance, 2007).

Fig-7b shows that the growth of the small and cottage industries sub sector has accelerated from 5.4% in 1999-00 to 10.28 % in 2006-07, while that of the medium and large scale sub sector went up from 4.4% to 11.56% during the same period.

2.5.2 Growth of Foreign Direct Investment (FDI) and Private Sector Investment (PSI)

There has been a phenomenal growth of both FDI and PSI. The immediate past government inherited an economy with an FDI of only US$79 million, which soared to US$ 845 million in FY2004-05. There was a slight decline in the flow of FDI in FY05-06 due to political turmoil (Fig-8). FDI grew on an average by 170 percent each year during FY00-01 to FY04-05 (Ministry of Finance, 2008).

PSI, on the other hand, grew at an average annual rate of 13%. Starting with an amount of Tk. 24,750 crores in FY1996-97, the PSI increased consistenly every year, reaching Tk. 87,570 crores in FY05-06 (Fig-9). This gives a very encouraging picture as regards the prospect of industrialization if planned efforts are geared to its growth (Ministry of Finance, March 2008).

The quality of private investment can be perceived by the growth of capital goods imports. Import of capital goods increased from US$ 582 million in FY2001-02 to US$1539 million in FY2005-06 and US$ 1927 million in FY2006-07 (Fig-10) (Ministry of Finance, 2008).

2.6 Garments & textiles emerged as lead export sectors

One can easily notice from the Fig-11 that there has been a phenomenal growth in the production of readymade garments and textiles as backward linkage industry. As evident from the figure that the index number of readymade garments has doubled or even more within ten years. The same is the case with the production index of textiles (Ministry of Finance, 2006).

Readymade Garments is now a lead sector in the exportable items. The sector has already proved its sustainability by facing successfully the vulnerable situation created by post-MFA phase-out. Considering its further growth potential and the backward linkage impact on textile industries in the country, this sector can certainly work as one of the thrust sectors of the country for take-off of the economy.

2.7 Transport and Communication Sectors’ Boom

The country may be considered to be ready for take-off on another plea that it has already come under extensive network of road communication providing easy access for marketing facility within the country and abroad. The process is still on with the growth pattern of transport and communication sector compared to GDP growth as noticed in Fig-12. The transport and communication sector achieved a growth rate of 8.24% in FY2006-07, which was 7.98% in previous year (Ministry of Finance, March 2008).

2.8 Steady Remittance earning from work force export

There has been a spectacular growth of remittance earning in Bangladesh in the last five years (Fig-13). Remittance has been one of the leading sectors for foreign exchange earning, contributing significantly to the improvement of balance of payments. It has a tremendous potential to grow further and may contribute further in easing the investment-saving gap of the country (Ministry of Finance, 2007).

3. Need for a Paradigm Shift: From Macroeconomic Stabilization to Development Management

3.1 Why Development Management rather than economic management needed?

❑ Development is a multi-dimensional problem, of which economic development is one of the major concerns

❑ Economic development presupposes prior and/or simultaneous development of socio-political, cultural and environmental development

❑ Economic development has been deviated from/de-linked to environmental development

❑ Development in all spheres is steered and managed by political authority

❑ Politics itself needs to be developed for being conducive to economic development

❑ Development is ultimately an overall management problem involving integration of economic and non-economic factors such as maintenance of law and order, good governance at all levels, promotion of appropriate socio-political and cultural attitude, skill and vision conducive to development, and formulation and application of pragmatic policies at home and abroad supporting economic development.

❑ All these call for a management concept, which is more than a concept of economic management, comprising factors not only of economic but also the non-economic factors of social, political and cultural concerns. That means, we need to develop a development management framework having key variables capable to capture the whole dynamics of development which can be eventually be used as progress monitoring tool.

3.2 Development Management as a Framework

Development management is something plus economic management, when Economic management or Macroeconomic management is expressed in terms of

Y1 = C + I + G + X – M ………………….…………….………….. (1)

Development management, on the other hand, may be expressed incorporating in the above equation few additional notations such as S, P, K and E, which may take the form as:

Y2 = {(C + I + G + X – M) ± (S, P, K, E)} …………………….. (2)

Where, S, P, K and E stand, respectively, for social, political, cultural and environmental factors. The difference between expressions 1 and 2 is that the latter has four extra factors influencing positively or negatively each of the independent variables thereby finally shaping the dependent variable Y. It means that managing S, P, K and E in a way conducive to independent variables C, I, G, X and M produces a bigger Y i.e., making Y2 > Y1. Alternatively, exertion of negative impact from any of the extra four factors S, P, K and E will lead to a situation making Y2 < Y1.

It should be noted that while notations used in the expression 1 show quantitative relations between the independent variables (C, I, G, X and M) and dependent variable (Y), notations S, P, K and E depict qualitative changes.

3.2.1 Role of ‘S’ in the Development Management Framework

S, the social factor, is comprised of social investments, social norms/values/behaviours exerting impacts either positively or negatively on the national income, Y. Social investment such as in education (particularly for girls) and in health (particularly in maternal health) contributes to human development leading to productivity enhancement and finally contributing positively to Y. Negative social values such as fatalism, undervaluation and repression of women, son preference and eve teasing contributes negatively to the Y. On the other hand, patriotism, industriousness, achievement motivation, caring for others, religious tolerance etc. contributes positively to a higher Y.

3.2.2 The ‘P’ in the Development Management Framework

Since P stands for political environment set by the political system and institutions, governance, political culture and the role of political actors, it (i.e., P) has a tremendous direct impact on development. Development of a country is sometimes defined as the outcome of political management of the resources (natural, social, economic and human) of that nation. It means, the speed and quality of development also depends on the capability of political authority in managing those resources. Speed and quality of development, on the other hand, depends on the standard of vision and mission of a nation, which again come through the political process. Thus a political process, charged more and more with improved and renewed vision, sets new and new missions for development. It is effectively the P, which greatly influences all the variables in the right hand side of the Equation-2 finally putting effect on the Y.

3.2.3 The ‘K’ in the Development Management Framework

Culture, K, plays a crucially important role in the development of a country. For any progress, native culture, if positive, can play a driving role towards development. A nation confused with cultural identity can not progress rather it suffers from lack of motivation. To have benefited from a culture working as driving force, a nation belonging to a particular culture must have full confidence and great love for it. Of course, the more the culture forms a complete way of life, the more it is able to motivate the nation for its nation building. Islam, a divinely proclaimed complete code of life, if pursued, can lead humanity towards the highest level of development.

3.2.4 The ‘E’ in the Development Management Framework

Any development effort today must be environment friendly. Otherwise, it is destined to be unsustainable. Therefore, any developmental effort to be sustainable must be conducive to eco-system maintaining balance in the nature. Otherwise, the development would have environmental costs thereby outweighing development benefits.

4. Need for setting a strategic development vision for Bangladesh

Bangladesh has an expressed vision of poverty reduction documented in the Poverty Reduction Strategy Framework of its Poverty Reduction Strategy Paper (PRSP). The vision is expected to be realized under a macroeconomic environment of pro-poor growth through strategies like (a) boosting critical sectors such as agriculture, rural non-farm activities, water resource development and management, small and medium size enterprises, informal sector, rural infrastructures and development of ICT; (b) effective safety-net programmes; and (c) ensuring social development This is a medium-term strategic policy agenda for the goal of accelerated poverty reduction constituted of the following eight points:

▪ Employment

▪ Nutrition

▪ Quality education (particularly primary, secondary and vocational levels with strong emphasis on girls’ education)

▪ Local governance

▪ Maternal health

▪ Sanitation and Safe water

▪ Criminal justice

▪ Monitoring

The above-mentioned 8-points strategic policy agenda form the Policy Triangle having the elements of:

1. Nutrition, sanitation and safe water

2. Human development, and

3. Governance

The policy triangle is to work under the macroeconomic environment of (i) Accelerating Growth for Poverty Reduction; (ii) Employment and Poverty Reduction; (iii) Economic Growth, Investment and Savings; (iv) Macroeconomic Stability, and (v) Facilitation of Fair and Competitive Business.

This is neither sure nor spelt out anywhere in the PRSP that the vision of the Pro-Poor Growth would lead to take off of the economy within a specific target period. Nor is anything said about the fulfillment of necessary conditions of the take-off anywhere in the PRSP document. That means Bangladesh should have a revised vision with a target period of take-off that fits with the strategy for pro-poor growth. Without such a vision, the country may suffer from shortage of self-esteem and resources sufficient enough to work for an accelerated reduction of poverty.

Thus without a desperate vision of take-off, the country may not achieve even a moderate growth rate thereby keeping the goal of accelerated poverty reduction unrealized. Any way, Bangladesh needs a vision, a dream to march forward, a target to reach desperately somewhere on and above a soft target of accelerated poverty reduction.

Establishing a ‘hunger- and poverty-free nation’ very often uttered in public meetings of political parties is yet to translate into action plan.

The vision of pro-poor growth, as set in the PRSP, is poor, because it regards growth as a usual phenomenon and tags it with the poverty reduction process. This will limit the growth as well as the take-off prospect of the economy and lock, instead of unlocking, the potential of an economy already trapped in poverty cycle. Rather, pro-poor growth could have been one of the allied strategic missions of the country’s take-off vision making more sense to strategic planning. The country wants to be one of the middle-income countries of the world by 2020. But how? Does it not require a revised strategic planning setting a new vision – a vision of take-off?

5. The country must have strategic missions for development

As mentioned above, pro-poor growth could be one of the strategic missions under a vision of take-off. That means, instead of being vision itself, pro-poor growth could be one of the couple of strategic missions set under the vision of take-off. If so, then what could be the other strategic missions of our economy? We can list the following among the probable strategic missions that we may have for our economy:

1) Growth bringing the economy to the level of middle-income countries

2) Nutrition, sanitation and safe water for everybody

3) Human development

4) Employment, and

5) Governance

5.1 Setting the country’s strategic direction of development

A country setting its vision for development and accordingly devising strategic missions needs to strategize the direction of development. For this, it has to do the following:

• Creation of favorable environment for continuous higher investment

• Social movement for quality human development

• Motivating people to work for achieving prestige of the nation

• Governance for a prosperous economy and caring nation

5.1.1 Creation of favourable policy environment for continuous higher investment

For leading the country towards take-off, policies are to be formulated to attract both internal and external investment - one of the necessary conditions for take-off. Monetary and fiscal policies are to be devised towards fulfilling the triangular objectives of macroeconomic stability, accelerated growth of the economy and poverty alleviation setting a proper distribution mechanism.

5.1.2 Social movement for quality human development

Abundant human resources of Bangladesh may turn into a strategic advantage if attention is paid to appropriate human development and planned exploitation of the current work force export potentials. This can contribute to the bridging of investment gap by attracting more foreign private investment and enhanced remittance earning. A judiciously planned social movement for quality human development would therefore be utterly needed. The expected social movement should ensure a kind of human development that incorporates values of work culture, labour productivity and vision for developing the country.

5.1.3 Motivating people to work for raising the prestige of the nation

The country needs dreamers who have dreams with our country and motivate the nation to dream and work for it transforming it into a prestigious nation. The dreamers have to be honest in thinking and practice and be examples for others. The human development process of the country should have a built-in mechanism to create dreamers of such requisite quality so that we can have continuously these visionaries across generations.

5.1.4 Governance for a prosperous economy and caring nation

Governance should not be merely for governance’s sake. It should gear up administrative support services needed for an emerging economy seeking prosperity and taking care of its people. For this, we need government machinery free of corruption. Otherwise, governance may turn into oppression and counterproductive to development and progress.

6. To have strategic actions in place for the take-off

The country would require a modification in the PRS Framework in order to fit it to the requirement of the proposed Development Management Paradigm with a vision of Take-off. This can be done by revising the current PRS Framework in its Vision and the Strategic Block-1 as depicted in the following section.

6.1 Shaping overall development paradigm

The newly proposed Development Management Paradigm would have a changed vision i.e., Take-off, in place of Poverty Reduction as mentioned in the PRS Framework. Accordingly, the revised strategic blocks 1 & 2 should be read as ‘Ensuring higher investment for accelerated growth’ and ‘Boosting critical sectors for take-off’. These two strategic blocks would now work as a get-in-through for take-off.

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6.2 Patterning socio-political management

In spite of introducing a participatory process in the preparation of the PRSP, the document has been largely a technocratic one failing to bring in its fold the politicians. Whatever might be the vision of the economy, it must come through the window of politics particularly from the political party in power. This is because the politicians coming through an electoral process represent the country and they are the real development managers. Thus, any strategic planning for a nation must involve the politicians in order to have the vision of the economy owned and implemented by them. For the same reason, they must be an integral part of any strategic planning process. It is noted that the vision of the economy should be a common one shared and owned by each citizen of the country. The politicians should be able to motivate the nation accordingly.

6.3 Putting new macroeconomic management in place

The macroeconomic policy package as suggested in the PRSP needs to be revised to meet the requirement of the economy’s new vision, i.e., take-off. Similarly, changes are to be made in the policy objectives and strategies formulated in the macro chapter of PRSP.

6.4 Having a linked microeconomic management/sectoral management

There must be reformulation in the sectoral objectives and strategies as well in the current PRSP so that each individual agent of the economy responds to the macro policy objectives of attaining the national vision under the new Development Management Framework.

6.5 Aligned effective governance

Governance also should be tuned to the requirement of achieving the new vision. It should be pro-growth, pro-poor and pro-people. The whole governance process must uphold the norm of developing an enabling environment for take-off and helping the people to work for that.

7. Conclusion and Recommendations

Bangladesh has the potentials to take-off. Many of the preconditions are already met. Among these are the very high investment-GDP ratio, extensive network of road and telecommunication, reawakening of manufacturing sectors along with readymade garments as the lead sector having key backward linkage with textile industries. Recent improvement in the law and order situation with the tendency of sustenance may be added in the list of preconditions for take-off. However, the major wanting factor remaining is the lack of quest for take-off by the political authority, i.e., the vision and mission for take-off. It needs badly ‘good governance’. Further, the country needs a paradigm shift in managing its economy, i.e., from macroeconomic management to development management. The recently launched PRSP requires a thorough revision to make it fit to the requirements of new paradigm, the Development Management. It requires exercising another strategic planning on take-off involving the political authority in power and in opposition along with the technocrats based on take-off as the new vision of development for the economy.

REFERENCES

1. Akkas, S. M. Ali (2005). “Macro Management of Bangladesh Economy: Recent Shocks and Immediate Policy Interventions”. Thoughts on Economics, Vol. 15 No. 1 & 2, January-June 2005. Islamic Economics Research Bureau, Dhaka.

2. Akkas, S. M. Ali (1992). “National Economic Management and Budget 1992-93”. Thoughts on Economics, Vol. 1 No. 1, 1992. Islamic Economics Research Bureau, Dhaka.

3. Ministry of Finance, Finance Division, Economic Advisor Wing. Bangladesh Economic Survey, March 2008.

4. Ministry of Finance and Planning, Planning Commission, General Economics Division: Bangladesh, Unlocking the Potentials, National Strategy for Accelerated Poverty Reduction, October 2005.

5. Rostow, W. W. (1960). The Stages of Economic Growth. London: Cambridge University Press.

6. Thirlwall, A. P.(1994). Growth and Development with Special Reference to Developing Economies, Fifth Edition, ELBS with Macmillan, UK, 1994.

( Director (Planning and Development), Bangladesh Open University.

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Consultation at Various Levels

Caring for Environment and Sustainable Development

Providing Service Delivery

Promoting Good Governance

Ensuring Participation, Social Inclusion and Improvement

Four Supporting Strategies

Monitoring and Evaluation of DM Implementation

Medium-term Macroeconomic framework

Block IV

Ensuring Social Development

Block III

Devising Effective Safety Nets & Targeted Programs for poverty eradication

Block II

Boosting Critical Sectors for Take-off

Block I

Ensuring higher Investment for Accelerated Growth

Four Strategic Blocks

Key issues in building strategies

Vision for Development Management (DM)

Take-off

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