Question

Approaches of development corporation of india

Answer 1

Answer:

India is too diverse and unique a society for Western models to be effective. The MUDRA initiative takes this into account

“ The institution must adhere to the tenet that while incorporating positive influences from the world, no single model can be transplanted from outside into the Indian scenario. The new institution has to zero in on what will work in and for India. It will be a Bharatiya approach to development.”

This excerpt from the Union Cabinet resolution for setting up the NITI Aayog on January 1, 2015, is perhaps as significant as the dismantling of the Planning Commission.

After nearly seven decades of experimenting with developmental ideologies, veering from the ‘Soviet model’ to the ‘Washington model’, India aspires to develop her own indigenous model for economic growth — the ‘Bharatiya model’.

World Bank and IMF economist John Williamson codified the ‘Washington consensus’ in 1990, prescribing ten commandments of economic reform for emerging economies.

In this context, India’s economic reforms in 1991 through de-regulation of industry and unlocking India’s economic borders was lauded for its conformity to the IMF prescriptions for economic growth.

Nearly 25 years later, Prime Minister Narendra Modi and his Cabinet have urged restraint against a temptation to foist such external models of growth on India.

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