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dnst dndiass a laMol ol launnes h e u mmsat siquiieamt

OOLucLng nesawne us aquiulunab lavo. u-umolipamolot


odnolia fdeeo muajan duauubatks m lanob amol agtuctt

oduu to queady umentenuo Buihsles a n d cmbalpatian


to indiqp cutkua kom kut paut indapondanas
1A u
amol oluwimg t stuLggl onolapenodenen hos
centam utloums uuuien boosteol oquultwr Á L c o
uuhen
nolia aads elamouuloums ulleuusousn
Roy, su9geteo People Plam ún 194uuhielu
uwas
M.N.
talkaol about
baseo on Marxut socialsun amol
On
Wahonaupationataquiculuu.
J poues mosHy
agui'uHuual qiLoiinHn as Dpla'4 pwnchaung pouuu
H aquieulmallpiuoduehon
dmnot bo r u a s e o l i

wnt uousas uiv ßlars conyoHuARa phasei ofuloums.


P Nouayan uneyoneol by Vnora (Bhauu puuopoksol

undus Ely
a m a l d u a l l cottou
Rellane, Aquiulhu
eleenua joelites tofocus o n
m1954, J P.Nuayanlelt
moumint bosso
ó n Hw Ganolian
He saucday
t w Bhooclay Yojanou
MouemuuF Joundeo by
pincite amo
ka
ulkelo aleunamdoals Hhat lonou
inbba Bhau, lamollass
exstiuibuteo ammDua
Hw
maaolaguuwtnu mar
Sueh pAans amo mmeLemuA tuhsauuw

auen 4eu Hnosv


Larieeahlw in molu
Geen-Reuotukónhiarol unaeieuing
goals.
haot lanot Laten
doum is Pomm o agtaniam lounw inualing
kamo a
.
o,lauus,JLegulahórn onuèustoma tagavoiha
Hhahanqing,
anot ouwmekiß.
lamdL l o u m
dudi dook mauy, ünitauu tohuina,
tHu dDaio ecohome condl HonsA
which untun umjsuoueo
amob AmallJaumnsum Lollouung Aays:
manqinal
3ainolauy syatem-s d t . o h u e t o s o 4
Abolihom o
u n t e u n i t o t i o t u ' y honeu nuaAng
Hhu
debt iiap amdl
co
shanus 'o1, HuLaums i n thupuoduchòn
un ungulakng sDmb,
denameu, alourms-dhis helpeol
Aeduviy oteuu anol dunplu owrhustuip
to
Ruouiolad
Jaus
tenank emoung eXohitamtpH -iudepence
Ceilings en Janoholounas Decencutahonof lanods uom
amol pocol
w to lanolloAs to ënswn AUity,
zouenteos t o nagmantahen
Censalidation of lanotholdurg.-,
income
lanol uhich a s s l t geneuateou iqhou
a

Cbopekouu lauminqEaon uuenku Mnained


ub new of lano bdltr larming donujoin Hy. Puotls
shauads
uw Hansal landoteneb.
un to oistibutiu
uobieeilu al Jano uuleums
socieyby
anot t o culati an eqhlitaiau
usH'e
elBulua hingeyaloitakors to e l uanleu nomis s
,

h a t puuoduchomanobolenmano
H Juo tomainy so
yof lano by.
inueas0s, to ehhamen Hwpuooluakiui
H h e c e n o t e conolihònn o aumeu arne
impuouung
o inypnau aguioul!ta dulaiohuaiiuus
uw
Henank
quaolually a r i u n o l
buoaoleu anma ushen Gauaunment
anod ulloums tooky Janol
anol m a k u a u a i l a k l i ctu
to keep
of &nolia.dicideolamol aháeoks ymapexy 4nauols un Aati
Jueouds t b a l l
somu Diqplal Andlia hano
aoloduuss f e
980. u uoai Jauwnehol un
Pugammu
Recauol MMooleunipahom
6-
Auqust 9008
too u i t tuu laua
Au n u w u A n u Á O u issiuus
follouinq'
ufoums ueuiilu anu as
to hand aLueHe lanos ACAMol
amiuodau uufukeol JengHy
eunmeut to qotouough
ocina, Hheqdu ueddols.
Constiuuctnd h
D
COuw a ue
olatEuaa
CAviuakou'soas shksuy Aocsesy,
esonab Ahausuappuy.
uqls
utu quau t&
N o enaneyy hupusblama uiuin lanou
Reuobeho ag quauakou
rean
dluos anob uonau Ghung tenartk mut
oHnuwto alu
ouioling Aeeuui'n, mosttenaneies
Aunu

inultlolsueenss as
u i n Oay
s-utmolo NITI Aauyoq camu up
L a anol0 intuma
Auith Mlodo A9uiulhal hano heasing Act, 2ol6
vhsuuaus sÜatA.|
meueLo Hu ekisuro tenaneu, lau at
to
Itw PardthayasHRoj Dios oamia
dlao Ow 24 Apuil (lem u a l seeso
Y oura to map' usiodonHals otwnkhsup
Meeouob m a i u e n a r e a
MULAliiHeninepUSAuy
um to
liks odueni4
n nolio uusina, modunteXhnologes
uiw loasulesn O uehlanJo 9euunmnt
nhtu

duw to lengHy puoaeolwres

CDnelusQ hamob uutoums buoLugt'um poAt-


analAual
m a o l e mmakginal
inolepeuolaut imodia
Naw Lu muoolun l u c l
Jauhu attain stabilun
hu
opoupk maolu to
00eat
cominuDus
Lhe au

amob olcenuase t u
loopholes o h e s v ualsims

ecehoni eapaui n, t h sveey anol alss euham


ain u o u .
eeunaloques to bleung aqiultulh iue
pupolwciy
duals lbeuut Hw AuruaFuamea
nalian lpns huio uuhitu s Uupw
Atatememt
unolew ew l2 a,

Buuopt us Atount oH stimaloo


Auolget o1, yea
a

drouxpondidud thu Gousunmeut im w


welbh his isa
inamcias Yeasu 01 dpul- 31sE Maxe)
uonlo
bouto aillau of amay e00nouy of hw
bieatu Buddet lonkei bubeng to ecenonulu uaush
Auinginaewondmie stahliny bi, nusdusina uneayualski
u a l H IRelto cattdnm hno
u loslhrw amolL
ano maagirg publio
allo cation oy uAowRCes
entenpuuses
Conuronen k ano olt nee

Capitauolget eusmus budast

(1) his ncludes capilauncomudt nhdes seuanuwincome Unou o n u

amo capi tal expehdi huu nolihuu

Hhis is elaasto amy,unom i s does mot hatin


on ypendinu o 0thnmant| a inupant Ou Hs
whit elees oassat o asskt anLabitiny o
7
|lobiuto Hw 90uunmeu! Hu qoueurmaut

dcuko
dhis has tuuo c o m p o n e k Gahis hastuo conpeueu
(3
Rouom Copital
Coptal Copite dmon Eyodudituuu
T ypuoihu
dmoL
) Reueruwintol- dhus
) Coprta ducou u 0am alsO beo, tuo typuy
om als bu ot tus Hps
NowDeht
Debt
uAabungLd
dnebnu dmcouL
Cuotn dncom
dmcouu
1Reuenuudncous 9n CopttaLhuoma
ay dncome-dhis aaw bu Debt u a y dmco
-

mcAAL hu
d h e uuil

olsiuet a.Loon ecueuno bylaow.


Diuuat 7ax
dnteuna houailng au
sT.
nconTax exteunal bawuuuwrd
&xeiu A y uhuemunucelikho
Hlooupauali Quhes
Tale t m Amall Auings.
WealH nuasmank ueeiuio
Tax by youeunmut
e.

D a dncomu .Puojusem Mor eht uuang ducou


-

PSUB,RB-1 emany oruakonaDisinues tmen hes by


Hheqou ut uuil dedaas
Diuilent ineoma
Auy, umteust payueut hoonbuinciplu nnceiued
Heli'uso nat puinciple this ull alko closuasuHu
asset bass
Au piu yJu cotteckeot
Auly oh oquamh ueceueo
bd Aqaukunmut apital Eypnll+uu
iReenuéypendiku ending hu, +u qau
Choau uehetpikaiuum
Aalayy Distuibectiou hu9du. Huis u l l uiwaass,
emion hytheglunnment afaht baat)
Subaide by, tigau. rpouoliuw owauphysia
dmbust peto hutu g0u alet eq. Launa
uons olu9~lk qluen bly 90u. muasthueu tuHus uult
dala otBeknau Psknels Eypendihuw on olelener

Reuwnu huelaet Coueus


LoulpmuRnk
u e n u i e m s uutetw Capitab buotgett caueus
sositauterts uuhicl
aul o ronn-HLcwwung9
ano a u nondhmable.
manhe
Lhs 3|dudia uos ia Countuy unluelo oliolut hauway
mamulachnung umit ueM tomaulaH a mooll

|Past-molspiudlener moliaao tostant emhscnath


on emeual sbuueunal whongp Oceus uem auimay tb
keonolay, han to Tetiay diosou huanglu diijwwer
&nol sanunolayo
plons Lik Gandhiawdhn Aoplo Plan ,

ano laind uuloumy ndia


plan, u a n leuoluuhen
diuw to mulipl
achieueo agiulhunals tangeh i s

|mduspuiab taiuuus madu


in Syean Plans duo to
Aecerolauy

peliHcab unrust anob u u l a , mabla seuuues s i a u

|mauL Lakas uuw u n e Laaing l f e O t e0nondca


BAUes duw to unteunal mattnuy as uuel as wntenakonaly

a i s dhis lhoob to wconomiu euiLù o uw -1991


eloumu tuhon dudio suggleol un ouocluchew amol
qounnmut expendi huue uuas uOsiNg
u 198 seamu
du 1991 ndia alte Laeino, issues
LP Lheualiscaion, puiuikgahen
p lu AeLoms.

Jeums uinlueneao rolia almsst


ano yobaligahion Huuw
a basvdo quswsenucel
dimu,uuhteh.cueateol
t h u samu
Hushufturg ot sOxulea
seolon. h u Globattgalism apeunol
opAneo u counuys
Aeelou job uuhilu heualihation
by uinvtaiol i n e a t m e i t .
Mankut

Huge olomoauaphie oliuioleual

LP uoums
Eclucatwnal u o l i y m O o l a eneuthumanHIsGULL
Sasa um moUms Hulakeol to Joneinniuhhusima

qoueunment's Yjoutun dechrolog laadhn guomoh


dasies liku WTO anol atuu nteunational
aqueomns alte Globalugakom teLoums
O
Reasons uuty, Aucomdauyyseelouromaiueol uunden
uowm
dnoleuat in4astucuu
Poticies Jik kieens tai JhindnuoltuqneushH
Manopolyo tuklio deotou shichleobtolakacompaliion
.Ropte, dbm aaiultuudiol motslitt iuduu t
oieauL ot Jdekoty jobs
hack of, apilal ahol lependene of duolia ounoteu
Couniuey Lou us emeiqu, nols.

dnola to heen
t uill bu uey, dipieultlou
a deuulopso courmll uihouta
subrg unelustuial
bosu breausu:
Aeuicu deeiowmuds 9ualinhuumaw usorunevbut
duoliou locks uuiwt uintoutMaGJuiuoshillu
uouk
amol 9ualiicotion suieo sclow u o u t
euueny.
lativmow job oponhuuha
Ouly, LLOWolayArehucow
labou Mouk jobd uuill
uen tpu J e u skillhob
apitaneomu 0uiu naha
wmwwas H u peu
stoundards
addurg to quhlity lle
Seuu Seston ulay eollopk
d u0ruy Hinq_ahauad
fou Couliol19 moole nnary coukiue
qLobally, e
b u t ssconday seetou
ounihn sroto collapA
wwwu leao to mauwjooduchow auol selzcontaiueo
Makig dhu cOnntiues Cn0my mQuL Atabl,.
Hlu uuaulo b a o 0Lulssemutimimdutual
umduibua

hew a t
u i l l Jaaoto mou
Atotnu
mhun mau q0uDmimt penoli waddng
hakon
to olepit oHhu
is umpual
Shu a 8tLErqrdustRUALHDL

dou ndua o becomu aduotopaol oinuy,


À m o w focuuihow
ou Huw samu youeurment
do HaEouu majonily
u Aeconclouuu deohO,
uouhju ebm hu useolu yaueunmut bas launeheo
schumus Juk skiu dudia , Mak um duolia. e
CouclusLo- dakug erampls uom puu'eu
epuudenes h u how Us ehanggo laus unpluened
a ITdeeton ano loauninq uom counies dk
hina uhlrhris a nnauulalwur u b uhos
sesbndauy, seatou diol mat not suataeso oluuuna
Couto-19'unliku duuiherlandi dawusm eemoy
uhich collapieol rdia us Ahithing ih focs Jubm
ofhe Aopuu to decomcauy se tonuuehieu iuii
| deinely, maku dudia, aloteuulopea, econoically
uhdspehlaur anol Suong nakow
Ans - du am
econou ubew youeuM t k peualu u
maU HhasHM nuomL qhueurment taku
|kouwwouuings o tiv he qap"hat gop i fiscal deprit
Sthis Jiscaodayiets bas nauy iutes y it is ueuy
Aia tou exanptu Hhauaulatsbl:
. Cuoudina, oiut eltect
t wuu leasu to
olebt bap
h uaulolU hu buuols duu
wqLusnaluon
auiw ustmank uwil boùmpatleo
dhau uoulobu exchamgp
dmpaet on uw wmuastureuly Jatu dssues
isCnuuestinmk uuu by Hnvuuew u l l
ao to oleeuA saL asset
o u i a L o ecomouuyun someouv elssk bausl.
Jo to t a k Huings uinko haoU anoU to c o t n a
Hh icau daliiltaa Fuca ReLponafhity ano
Buoti Mlanagmlut det 2003 ww usnedl
tonae Aet "by, his At Jiks i
Piscab Del/et suoulo b 3/ of 2 hy,20oq ano
uenuw delicik must h 01.o1G DYPby jopg
Reuunue Desii to GDPastd shoulob bl lauw
7ay euonuif Go D.P. Mab shoulob b al
Total iakitinies to GoDPuaio 4 lhoulal b e s
3Repouh muutbupuuaenkesl
MeoliuntleuyFhcalloticyStaluuat
Fscaulrtieyy Atuaseay Atattwut
Macuo Etofomu,Ehhatuouk, stattinut
dhenw w a s Morneslu DeJiut eanueu u h i e
Juuu a t e akappeoluw2oo 6

But a L hosatougeH e u
Mataehieueou hy
PRRM Act 200,3 olue o seasomt leke
Jh was a uonlo euiss d u y e a w 2008.
duu to faluu okayuanBuasheu Bankudailuu
amo duw to uohiihh uuu laulalrit achu uauw

tanget uu 009 .

u to dlamonegakon ama intuoduchom ot


ST H w u was highuutiical dopiik u h l
olyoaseol h okeeius o FRBNAe,2003.
o to onuuet Auebu falus N. K SunglsComnutl
ws maalu to 4ebuolgaau, puastces ano
Mana9meut. .dhena s'dony amendmnk maa
n PR'B A t undD12. uunle got enocaol un2013.|
Epesiuw Reuuuu bejiiit was uiniuoolucaoA uhi
w t h w O7. ofGD:Pumsheaol af uunuu dyicit
towtw Report nammety Mediu teun expendlituu
amunuk, stati ushs buauglit
Nes tagek duenu setas peuw t u ommiHes
HLmnenalaHans
Deht to G.D»R Roctio should nat ereaacd 6o/of
DP fou Cuntual ano 40y. of cD-Pfau Uatb
Reckua Auca Depait to 2:J.ot D:Pby 2023
Redueu Reuonuwbeplut uupto 0. 8 /.otBP. byo03
Ecape Clau uwas intuoolucad duw to eHuugu
nabtwto achiuL tangut h w may buras
Com hu pluu 0,S/.
dhuw mlust buRsal loumel to acommudl an
Chamau uqouwwnmeutpellies To aahieuu thes
dauglts. dt Muiu kuanicmmandauy booly nsta
hoell binding hody
| 0bjeelius of PRBMAt> ) DituibuutioupuncO
do cottettax uom ameslctionto qiuwsuhudes
5 andthau decbn.
aAlbeatnon funchion-> åudlget us altocatealto.
Apelifio slskous
SAtabligatioytnthoy> do huina, Atokitiny unthw
system
FRSM013 uoa oloaiguao ueuy
eiueuHy but
uL to Globa Panotamtu, touia 1 ano uteunakom
u L t duu to Pussia-lknamu uuu Hhutoung
RBM 2013 a u stiu untuyllol.
Apit o sueh uinosuamuu PRBMLuullol:
y p di, Hacal olaptu u0sMROuCak.
u.has asueuko u dllit Logk by,
momipulating Hhu uuuenus ano espeholinuu

accouri
D a t Low mouey, supalurguous, bank
Cueclt ounob GbP etáblnhy that hath
monuyAupply, uQun anol uoli teypansion
haus sajntcalHy neolucaoi elactioy tb

D-P. go
ConlusWM do makuit muouuoicieut oRena hoh
au dens:
o FRB N Act Lew Hhiu Cow

tesumuuammuuouk
h o slhoulol bu mwolL
uwhtw abeulo heunt
a n o eteeut dekt
h u w Utuoulo befeeniu ekrakonadeualobmeot.
MaMUALmmt on H u
basis 0 nt
a w a o to ationaldre thuunterst
i
hu
od P u e u i t a l aueunmuut
epenohu
.Reeommenolartiosof thw NRduqn Cmmti
bounolso,
Aoulo huuualukenkeo n hula
mannA
ot Hhu e c m o m y - é e n a t
T e l o p m o n t a l neaols

compuomiiro uhilu being bu h


uwnolull,
p o o04acat pudone

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