The problem of regional concentration of industry is admittedly a complex one. Specialists have suggested various solutions to this problem; while some advocate special incentives for setting up industries in relatively backward regions others favour a levy on investment in already crowded areas so as to bring private costs in line with social costs. The Government has, of course, relied on special incentives and facilities to promote investment in less developed regions. But in view of the magnitude of the complexity of the problem, success in bringing about a more balanced regional growth pattern would require an intimate involvement of private industry in this task.
We are today confronted with the mammoth task of accelerating the pace of progress, eliminating poverty and unemployment, removing economic disparities and achieving a greater degree of social justice. The problem is too massive and complex to admit a simple magical solution. The world we live in is no never-never land. We cannot expect to hasten the pace of growth and development if adequate resources are not generated and mobilised for private and public investment. We cannot hope for a sound balance of payments position unless we raise our export earnings. Price stability will elude us if, as a nation, we make it a habit to live beyond our means. Fortunately, the task we face is by no means beyond our capacity to accomplish it. Today the Indian economy is well endowed enough for us to think in terms of faster growth and complete eradication of poverty and unemployment within the foreseeable future. The way the nation withstood the challenge of events in 1971 has instilled in us a new sense of confidence and determination. With concerted and well orchestrated action on the part of us all — the Government, the entrepreneurs, the workers and the public at large — there is no reason why we should not triumph in the war we are waging against poverty and backwardness.