India under the Modi government is taking high strides on its promise to deliver ambitious development policies. For an economy like India, which is struggling hard to focus on development given the internal and external security challenges, we are left with less chances of experimentation.
Given the demographic advantage that India has other its immediate rival must be capitalised in this period to accelerate the growth over the years. However, let’s not close our eyes to the fact that this is not the first attempt to launch ambitious development and welfare schemes. Mega health scheme is likely to cover over 10 crore poor and vulnerable families, five lakh Wi-Fi hotspots to provide net connectivity to five crore rural citizens and Rs 2.74 lakh crore allocations. However, very few development policies have achieved the desired results.
It is important that we learn from the past leakages that gouged by the existing administrative machinery. Recently, The Central Bureau of Investigation (CBI) arrested a Goods and Services Tax (GST) and Central Excise Commissioner in an alleged bribery case on Saturday. Bofors, a defense scam, 2G Scam, Coal gate scam still haunts India’s policy and implantation machinery costing the share of grassroots development.
Apart from flow of financial resources there is a need for vigilance of financial transactions. Government has taken huge efforts to attack the parallel black economy, but if we fail to address the corruption in the country it will soon affect the overall development of the economy.
Digitalization of financial services and transactions today has though created complicated tracking structures but at the same time it has created a data bases, which can be put in digital intelligence software. We need to create a corruption free allocation and accountability mechanism of national financial resources. An interactive system between centre and state needs to create so that there is no gap between the governments.
Unless we create the proper digital vigilance system for resource allocation there will be continued leakages through crevices of corruption. This a very crucial development phase, thus, it is important that we take quick steps in order to capitalize on it for accelerating the development process protecting other economic and political positions both, in the region and the world.