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foreign currencies. This measure has been undertaken on the plea that it will fetch more forex by exports. The entry of multinational companies is being made easier. Foreign Exchange Regulation Act has been made simpler. Now-adays, we are welcoming the Dunkel Proposals.
All these changes have been undertaken by keeping an eye to stabilize and globalize a rather stagnant Indian economy. We know that economic development is inevitable. For balanced and speedy growth, we have adopted the strategy of planned economic development. The point to ponder is whether the development attained so far, is at some cost? Whether our basic principles of economic growth with social justice has been taken care off? To get answers to these and several other questions, we will have to look in to the five-year plans.
Our plans, by and large, are the copies of the western models. They are not appropriate in the Indian context. We find that even after four decades of such a strategy, a meaningful development is still far away. The per-capita income has not grown, while unemployment, poverty and inequalities have grown tremondously. While analysing Indian planning, Gunnar Myrdall comments, "Indian plans are conceptually excellent but fail on account of their implementation'.1 It is also found that the benefits of development is solely owned by the rich. The poor, for whom the development is most needed, have left far behind.
Our main objective is to increase rate of growth of GNP. This is termed as the major indicator to know India's economic progress., but this is merely a statistical projection of data. We are just grouping in the jungle of massive data since computational excercise does not depict the actual picture. There is nothing wrong in achieving high rate of economic growth., but the pattern of growth should also be given importance. Growth-mania has become a curse for the modern civilization especially for creating environmental hazards.
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