Essay on the Concept and Significance of Governance
GoverĀnance, according to their interpretation has four main components:i. Public Sector Management;ii. Accountability; ADVERTISEMENTS: iii. Legal Framework for Development; andiv. Transparency and Information Accessibility.Governance as per these components basically implies the proper formulation and implementation of policies by government agencies, within well-defined legal framework. It also emphasises on people getting the necessary information, fostering openness in the system and ensuring accountability on the part of politicians and bureaucracy or administrators.The World Bank, in 1992, in its Report titled āGovernance and Developmentā considered good governance as central for creating a proper environment which is necessary for sound economic policies. Image Source : dennymeyer.files.wordpress.com ADVERTISEMENTS: It pointed out the basic problems of governance faced by developing countries, which include delays in implementation of projects, inadequately enforced laws, increasing competition, lack of involvement…