New Delhi, Aug 29 (ANI): Union Finance Minister Pranab Mukherjee on Monday said that India's robust performance in difficult times shows that it could actually come out stronger from any international financial crisis.
Speaking at a function organized here to mark the Golden Jubilee Celebrations of Indian Economic Service (IES), Mukherjee said: "We have to be alert to shape real-time policy responses, reform systems, improve the regulatory framework of our institutions and make the most of the opportunities coming our way.
"Economic reforms undertaken more specifically since 1990s, have led to a rapid globalisation of the Indian economy. As a result, the nature and the domain of public policy making is undergoing a major transformation," he added
He also said that with greater role assigned to market forces, there is a need to re-design incentive structures for development and regulation of markets and for improving the quality of governance.
He said that it is important for us to understand that government on its own cannot deliver on every aspect of our vast economy.
Mukherjee said that the Government's role is to create conditions where people are empowered and can help themselves. It has to facilitate private firms and corporations so that they can also shoulder the task of nation building.
"The changing role of the Government as an 'enabler' requires greater analytical capacity and economic expertise to be injected into the decision making processes, he added.
Emphasising that there is a significant scaling-up of the development efforts in social sectors, higher transfer of resources to the States, Mukherjee said: "To this effect, there is an urgent need to spread the process of economic reforms from the Centre to the States and on to sub-States levels for harmonising economic policies at different levels."
Mukherjee said that this requires strengthening and strategic deployment of public capacity for economic analysis and policy making, improving efficiency of public expenditure and raising the accountability in delivery of services by the Central and the State Governments.
Congratulating all the officers of the Indian Economic Service (IES) on the occasion, Mukherjee said that this service was started in 1961 in order to build and institutionalise a capacity in the Government for economic analysis in formulating development policy.
Having been the Finance Minister of India and having had the privilege of presenting a number of Union Budgets, Mukherjee said that he is acutely aware of the need for professional economics input in nation-building.
"Economic policymaking in today's time is so complex that most decision makers find it very difficult to master this art," he added. (ANI)
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