I decided to focus my remarks today on a related but more specific topic. My starting point is that we have recently entered a new era of financial stability policies, the era of macroprudential oversight.
The Gadgil formula attempted to ensure that there was objectivity in distribution of funds amongst the states in India. He wrote extensively on Indian agriculture and farm sector and the planning process in India. The basic principles advocated by Shri Gadgil on food self-sufficiency and employment orientation of planning, are significant even today for achieving “inclusive growth”.