Patna needs to be promoted as poverty fighter and engine of economic growth of Bihar. Patna needs to choose local economic development (LED) indicators and tools that can be used to collect and analyse data and assess the overall competitiveness of the local economy. Local priorities include identifying ways to improve the Patna’s overall economic performance and efficiency, promote competitiveness of the city in national and international contexts, and develop a broad-based job creation plan that includes the informal sector.
Overall success will come from involving all types of businesses (from microenterprises through larger private sector firms) in crafting the local development strategy, securing their involvement and investment, and defining the supportive role of the central government. A successful city development strategy (CDS) for Patna requires to be based on a careful assessment of the local economy components on which effective development strategies can be built.
A thorough knowledge and assessment of local conditions in Patna is required to implement city development strategies (CDSs). Therefore, effective LED strategies must be closely tailored to fit the specific local economic conditions and potential sources of competitive advantage in Patna. This can be achieved by making a thorough assessment of the city’s competitiveness, the starting point of any economic strategy. Only with a strong understanding of the Patna’s current economic structure, capacity, strengths, and weaknesses is it possible for Patna to put opportunities and challenges into context, develop a clear development vision, and prioritize strategic activities for growth. The effective local economy assessment that follows will help to ensure a better city strategy that creates jobs, spurs economic growth, and fosters social development.
The lead actors in Patna’s economy assessment need to be fundamentally local— and are those with a clear responsibility for and a commitment to improving the city’s development prospects. Political leadership and support at the city level is more important than top-down support from either regional or national governments.
The prosperity and welfare of Patna depends on the capacity to take advantage of opportunities for sustained employment growth and minimize the challenges of global economic integration and population growth in Patna. Therefore, the quality of economic development planning and city management is extremely important.
Developing sound local economic development (LED) strategies at the city level is critical to both good city management and economic performance. For Patna, understanding the local economy also includes assessing the informal economy and harnessing it to create sustainable sources of income for their urban poor. For Patna, it involves not only understanding the economic foundations of slums and deprived communities, but also finding opportunities for slum upgrading.
Patna real estate will play a major role in developing Patna. Sound local economic development will also help in keeping property prices in Patna in a range affordable and sustainable for all stakeholders.
To harness full potential of Patna and making it a world class city, economic strategy based on local advantages and urbanization with Patna real estate leading from front are must.