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Time for a national policy agenda

February 11, 2013

Abstract: The decline in investment-to-GDP ratio from peak level of 38% in 2008 to 30% in 2012 had an adverse impact on short term growth and also led to a potential deceleration over the longer term. A National Policy Agenda with a firm commitment to core policy positions that is articulated on a bipartisan basis is necessary for attracting long term private investments from both domestic and foreign investors. Indeed, there is evidence that such a strategy has been successful in the past. The surge in investment over the period 2003-2008 can largely be attributed to dedication of every successive regime to the broad policy agenda laid out by the Congress government of 1991-96. Explicit policy commitment can rebuild trust and confidence again to improve the investment climate.

Keywords: public and private investment; foreign investment; policy formulation and implementation; policy objectives; policy designs and consistency; policy coordination

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