India Open to Suggestions on Replacing Soviet Economic Ideas

India’s prime minister on Tuesday sought suggestions from the public to help re-fashion the Soviet-inspired central Planning Commission that supporters say is in line with a new, open style of governance.

Since he took over in May, Narendra Modi has promised to cut red tape, fight corruption and make India easier to do business in to get the economy moving after years of slowing growth.

Last week, he announced plans to replace the Planning Commission, a lingering vestige of India’s early attempt to mimic the Soviet command economy, with a modern institution to reflect a shift to a market-based economy where the states were the main drivers of growth rather than a central body.

“We envision the proposed institution as one that caters to the aspirations of 21st century India and strengthens participation of the states,” Modi said in a Twitter post, inviting public participation in the rebuilding of the body.

He said people could post their comments on the shape of the new institution on a portal he has launched to share ideas on issues of national importance.

The decision to involve the public is the latest of Modi’s efforts to break down governance structures that Indians see as failing them.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza