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PM's Inaugural Address at the 56th Meeting of the National Development Council (NDC) at Vigyan Bhavan, New Delhi on 22nd October, 2011

"I have great pleasure in welcoming you to this 56th meeting of the National Development Council to consider the Approach to the Twelfth Plan.

The Approach Paper outlines the challenges we face in achieving our goal of rapid, inclusive and sustainable growth over the next five years. I look forward to hearing your views on these challenges. To initiate the discussion I would like to share with you, my perspectives on some broader issues.

As we chart our course for the 12th Plan, we must take note of what is happening in the world economy, and in our neighbourhood and shape our policies accordingly. The world is going through a major realignment of economic power. Industrialised countries are slowing down, emerging market economies are gaining weight and regionally, Asia is gaining weight. As an emerging market economy in Asia, we stand to gain on both counts. Our policies in the 12th five year Plan must therefore be shaped to take full advantage of these emerging possibilities.

As planners, we need to ask what government should do to achieve our social and economic objectives? Much of the growth process is now driven by actors outside the direct control of government. This includes small and big farmers, small and medium entrepreneurs and of course the private corporate sector, all of whom respond to market forces. This, however, does not mean that government has no role to play in the development process. It has a very large role and I would distinguish four areas in this context.

First, government must provide a policy environment in which the creative spirit of our farmers and entrepreneurs is given full support and encouragement. This includes an environment of macro-economic stability, efficient functioning markets which ensure competitive discipline on private sector producers, a sound financial system for allocating...