Madhya Pradesh Chief MinisterKamal Nath on Tuesday underlined the need for a change in the "thought process" of governments and financial institutions in view of the fast-changing global economic scene.The senior Congress leader also stressed the need for deviating from the conventional budget-making process, and for working on alternative processes and innovative ideas."The global economic scenario is changing rapidly and therefore the financial institutions and the governments also need to change their thought-process," Nath said while addressing a workshop organised by the state Finance department on 'Alternative Finance for Projects' here.Nath said increased budgetary allocation was required for fulfilling aspirations of youths, who he said formed a major chunk of the Indian society.The former Union minister said it was becoming challenging to mobilise financial resources for the changed and constantly-changing India and its states."Therefore, banks, state governments and private sector institutions need to adopt the change," he said.The chief minister further said it has become necessary to focus attention on the economic activities that generate jobs."Efforts are being made to make Madhya Pradesh's agriculture fully modernised, so that economic activities associated with the farm sector can also be expanded," he said.Madhya Pradesh is far ahead in the agricultural production but there are many obstacles in exploiting its market potential, the CM added."Mobilisation of budgetary resources of many countries is excellent even without laws like the Fiscal Responsibility and Budget Management (Act)," he said.Nath alleged that Madhya Pradesh's share of Rs 14,000 crores was slashed in the Union Budget 2020-21.
