This refers to Shreekant Sambrani's column "From Yojana to NITI" (Et Cetera, January 13). The Fabian or Keynesian or Harrod-Domar models do not work in their entirety. They are useful, partially and occasionally, as the circumstances suit. As we are in the middle of diverse theories and practices, the new government rightly moves in an atmosphere of ideology-neutrality. The National Institution for Transforming India (NITI) Aayog, as the new marga-darshak, will have to function more as a think tank and monitor for projects. Some schemes will come up in states and the central government will have to interact and guide them with appropriate course corrections.
Essentially, the NITI Aayog will have to function as a money arranger, finding ways to raise funds for large infrastructure projects. The location of major projects will be a matter of commitment from different state governments. Whether the project is centrally implemented or under private-public partnership, unless the NITI Aayog and Ministry of Finance actively help in raising funds and there is continued guidance and support, these projects will languish, culminating in cost and time overruns.
The government's prime concern now must be to ensure that ongoing projects are completed.
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Essentially, the NITI Aayog will have to function as a money arranger, finding ways to raise funds for large infrastructure projects. The location of major projects will be a matter of commitment from different state governments. Whether the project is centrally implemented or under private-public partnership, unless the NITI Aayog and Ministry of Finance actively help in raising funds and there is continued guidance and support, these projects will languish, culminating in cost and time overruns.
The government's prime concern now must be to ensure that ongoing projects are completed.
K U Mada Mumbai
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number