Abstract
This Address besides discussing the theoretical issues in development outlines India's development strategy in the post Independence period. It points out that while planned development effort with state having a pervasive role had the beneficial effect of promoting an indegenous core sector but it also led to inefficient allocation of resources, uncompetitive production processes and reduction in India's share in world trade. Another important concern has been balanced regional development but the States in Eastern region especially Bihar, has not developed at the same pace as States in Western and Southern regions of the country. The Address also discusses role of financial institutions. It also points out towards the rich mineral resources in Jharkhand leading to enormous potential for growth in the State.
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