The Hindu Business Line : Planning will focus on inclusive growth: Montek

CHALLENGES AHEAD:The Planning Commission Deputy Chairman, Mr Montek Singh Ahluwalia, flanked by the Dean, Indian School of Business, Prof RamMohan Rao (left), and the Chairman of the Governing Board of ISB, Mr Rajat Gupta at the Graduation of the Class of 2007 at ISB campus in Hyderabad on Saturday. — Mohammed Yousuf

Hyderabad April 7 The focus of economic planning over the next five years would be on the ways and means to foster inclusive growth in the economy, according to Mr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission.

In his convocation address at the sixth graduation ceremony of the Indian School of Business (ISB) here on Saturday, Mr Ahluwalia said as the economy was on track to achieve 9-10 per cent growth rate over the next five years, the challenge was to ensure inclusive growth cutting across the urban-rural divide.

"In mid-1990s, there were doubts about the outcome of economic reforms and their impact on growth. Now, those doubts have led to a different criticism. Now that we know the recipe for growth, the criticism is whether it would be inclusive or not," he said.

Policy change

"It is our objective to bring a policy change that would ensure a 4 per cent growth in agriculture," Mr Ahluwalia added.

Listing out the priorities of the Eleventh Plan, he said ensuring equal distribution of infrastructure growth in urban and rural areas, promoting public-private partnership in education and healthcare sectors top the agenda of the Government.

Predicting that over the next 20 years, there would be "breath-taking'' structural changes in Indian economy, he said Indian investments abroad would go up.

"The real challenge for corporates and individuals is to cope with constant changes in this transition period," he said. Congratulating the students on their successful completion of studies at ISB, he said tremendous opportunities await them, adding: "When I graduated in 1963, the economy was growing at 4 per cent. Now it is at 8.4 per cent and would touch 10 per cent in next five years.''

In earlier days, the fad was to work for MNCs abroad. "Now, it would be more exciting for you to work abroad for an Indian MNC," he said.

Mr Rajat Gupta, Chairman of ISB, advised the graduates to utilise every opportunity to lead. Business would have a huge contribution to make to the society and one should act with integrity in business and progression, he said.

In his welcome address, Prof Rammohan Rao, Dean, ISB, said the curriculum review committee would submit its final report in about two months. During the year, the students achieved many distinctions in India and abroad including two global consulting projects, he said.

Mr Ahluwalia gave away medals and certificates. About 416 students graduated in the class of 2007.