The record
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- Finance Commission chairman NK Singh has urged states to adopt a new economic compact centered on cooperative and competitive federalism to achieve India's Viksit Bharat development goals.
- Speaking at a conference for state finance ministers, Singh emphasized the necessity of increasing domestic savings and attracting private investment to sustain high economic growth.
- The two-day meeting in New Delhi aims to bridge the communication gap between the central government and states to address macroeconomic and infrastructure financing challenges.
What to watch next
- Outcomes from thematic sessions on agricultural and energy transition financing
- Further steps toward a new centre-state economic compact
- Impact of current 7.8% GDP growth on future fiscal policy
Who said what2
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NK Singh
Fifteenth Finance Commission chairman
2 quotes · 1 outlet
“We must now endeavour to move towards competitive federalism where states can compete meaningfully on development parameters and share each other’s experience”
In the article
…on the need to nudge states for a healthy competition among them to achieve development goals. “Our meeting today signals a deepening of the Prime Minister’s broader commitment to enhancing ‘Cooperative Federalism’. We must now endeavour to move towards competitive federalism where states can compete meaningfully on development parameters and share each other’s experience ,” he said. Consultative mechanisms for a meaningful dialogue have for long remained elusive, he said. “Even during the Planning Commission era, meetings of the Development Councils were not interactive, it became a…
“Our gross domestic savings rate (combining households, private sector and government) is around 34% of GDP. We know that this is inadequate to sustain 7-8% growth needed for Viksit Bharat…, the rate must rise progressively.”
In the article
…is well timed as there are positive indicators of 7.8% growth in the first quarter of current financial year (FY27) and an upgrade by the Japan Credit Rating Agency. He stressed on the need to boost domestic savings. “ Our gross domestic savings rate (combining households, private sector and government) is around 34% of GDP. We know that this is inadequate to sustain 7-8% growth needed for Viksit Bharat…, the rate must rise progressively. Our historical peak was around 38%. We should therefore aim for 38-40% to support the investment needed for Viksit Bharat,” he said. He also emphasized on the role of private capital in achieving the Viksit Bharat…
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Named India · Anuradha Thakur · Institute of Economic Growth · Japan Credit Rating Agency · Ministry of Finance · NITI Aayog · N.K. Singh
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