"Bihar is amongst the few states in India that can leap-frog in terms of
development." These were the words of India's Chief Economic Advisor, Dr Arvind
Subramanian. Dr Subramanian on Friday was speaking at the Economic Survey Outreach Session
in Patna. ADRI and IGC
India-Bihar jointly organized this one-day program.
suggested that Bihar is bound to benefit from the 14th
Commission's recommendations about the devolution of fund from the divisible
pool of taxes. He also urged the State Finance Minister Mr Bijendra Prasad
Yadav to look into the prospect of pruning allocation by taking a leaf from the
practices the Centre has recently adopted.
Talking about why it's
not a prudent move for the poorer states to attract financial aid in huge
caches, Dr Subramanian said the history of financial and foreign aid is witness
to the fact that development and growth cannot occur in such states in such a
scenario, and states in order to surge ahead must strengthen their institutions
and retain human capital, he added.
The Government of India
this year is disseminating information on the Economic Survey to a larger
audience possible and spread across the country, with the purpose of making
more and more people aware of the state of India's economy. "Before Bihar, the
Central government has conducted ‘Outreach Sessions' in a few other states,"
informed Mr Rabi Ranjan, an Indian Economic Service officer with the Union
Opening the session, Dr
Shaibal Gupta, Member-secretary, ADRI, in his welcome remarks said "this
initiative of Dr Subramanian will help us, amongst other things, in fine-tuning
the preparation of annual Bihar Economic Survey that the Centre for Economic
Policy and Public Finance (CEPPF) has been preparing for the last nine years." Dr
Gupta is the Director of CEPPF - a State government unit hosted by ADRI. Dr
Gupta in his remarks appreciated the academic contributions of Dr Subramanian.
The programme began
with a brief silence observed in memory of Nobel laureate Professor John Nash,
who gave the famous concept of Nash
to the world of economics. Nash died couple of days ago in a
road accident in New Jersey.
Mukherji, Country Director, IGC, in his presidential address said Professor
John Nash was truly a beautiful mind.
Professor Prabhat P
Ghosh, Director, ADRI, read the vote of thanks on the occasion.
State Finance Minister Mr
Bijendra Prasad Yadav and Principal Secretary (Finance) Mr Ravi Mittal were
present on the occasion. Economists, intellectuals, and faculty members and
students from prominent academic institutions had their queries answered during
the Q&A session that followed the presentation by the Chief Economic
Economic Survey's release
precedes the General Budget presentation in Parliament, and serves as one of
the significant Central government reports on the health of India's economy. The
Survey is a unique study for it compiles the data of all the sectors of economy
to document the annual growth story of India.