New Development Approach of India!

Probably, one of solid recent ideas to reform the planning process of least developed countries (LDCs) like Bangladesh came out from India’s newly elected Prime Minister (India’s East Asian Dream). The idea is clear: reduce the dependence on bureaucratic-based planning process to more allocation to the priority sector based ideas.  Also, it was rightly recognized the fact that Five-Year Plan process is quite old-fashioned and based on the philosophy of command-based economy, and thus cannot reflect the current needs of market-based economies. The success is inevitable, if implementation follows the dream.

As a LDC, Bangladesh may like to think the similar realistic approach. It seems that the planning process of Bangladesh needs a real boost, based on priority rather than general intervention by the government, as described in the Five-Year Plan. The country needs more focused-priority needs such as infrastructure and power, as medium term measures, for ensuring the smooth business process of the private sector. For getting the long-term benefits of development, it must ensure the high quality of education and health services. Simple!