Y K ALAGH, Professor of economics, Sardar Patel Institute of Economics
But, it’s not a question of institutions alone. It’s also a question of giving them correct indicators on scarcities and benefits, which is what a budget really does. I am arguing for planning. Planning does not necessarily mean centralised planning but it means knowledge-based indicators and institutional mechanisms which will facilitate decision-making. We should basically work towards an institutional system which takes environmental costs and profits into account.