Local Economic Development Programs in India
Local Economic Development Programs in India An essay by Judith Rietveld, Rotterdam School of Management, The Netherlands Introduction
In this essay, I try to find an answer to the following question: How can the private sector best serve the unmet needs of India’s people in a sustainable way? I will answer this question from a local economic development perspective. Local economic development is “a process by which public, business and nongovernmental sector partners work collectively to create better conditions for economic growth and employment generation”. (The World Bank, 2010) The purpose of local economic development programs is to build up the economic capacity of an area to improve its economic future and the quality of life for all. Partners from different sectors work together to collectively achieve goals, although the initiative for LED programs usually comes from the governmental sector.
I believe the LED perspective is an excellent viewpoint from which to address the issue of serving the unmet needs of the Indian people, as its focus is not only on economically improving the region, but also on improving the life of the people within that region. Thus, successful implementations of LED programs may enable the Indian people to reap more benefits from globalization.
Within the LED perspective, I will not focus on the Indian domestic private sector, but on private enterprises from foreign countries, and how they should act in order to support India in serving the unmet needs of its people. I believe that the involvement of foreign multinational enterprises in local economic development will enhance the welfare of the Indian people. These MNE’s could come from any country, as long as it has funds available for investing in India and has interest in serving the big Indian market.
Three questions form the foundation of this article. Who exactly are the actors in a LED program, and how is a successful LED program developed? What
In this essay, I try to find an answer to the following question: How can the private sector best serve the unmet needs of India’s people in a sustainable way? I will answer this question from a local economic development perspective. Local economic development is “a process by which public, business and nongovernmental sector partners work collectively to create better conditions for economic growth and employment generation”. (The World Bank, 2010) The purpose of local economic development programs is to build up the economic capacity of an area to improve its economic future and the quality of life for all. Partners from different sectors work together to collectively achieve goals, although the initiative for LED programs usually comes from the governmental sector.
I believe the LED perspective is an excellent viewpoint from which to address the issue of serving the unmet needs of the Indian people, as its focus is not only on economically improving the region, but also on improving the life of the people within that region. Thus, successful implementations of LED programs may enable the Indian people to reap more benefits from globalization.
Within the LED perspective, I will not focus on the Indian domestic private sector, but on private enterprises from foreign countries, and how they should act in order to support India in serving the unmet needs of its people. I believe that the involvement of foreign multinational enterprises in local economic development will enhance the welfare of the Indian people. These MNE’s could come from any country, as long as it has funds available for investing in India and has interest in serving the big Indian market.
Three questions form the foundation of this article. Who exactly are the actors in a LED program, and how is a successful LED program developed? What