Gubernatorial candidates John Gregg and Mike Pence each offered Thursday their own plans to speeding up Indiana’s economic recovery.
The Democratic Plan
Gregg, the Democratic candidate, says his administration would boost that recovery by investing more of Indiana’s money in the state. His “Invest in Indiana” plan focuses on providing Indiana businesses an advantage over out-of-state companies and reinvesting state money in Indiana banks.
Components of the proposal include requiring companies that secure state contracts to subcontract a part of the work to Indiana businesses and investing greater amounts of the state’s public employee pension funds in Indiana banks. Gregg says Indiana should rely more on itself.
“We’re talking about, in some cases, small start-up businesses but also businesses that are here that can’t get capital,” he says. “And if we’re putting part of our state dollars back in Indiana banks, that’s going to make capital available.”
Gregg also wants greater transparency in economic development. He says once a company has agreed to locate or expand in the state, his administration would disclose all the economic incentives available to that company.
The Republican Plan
GOP candidate Mike Pence says he wants to create closer ties between private business and Indiana’s universities to help boost investment and job growth in the state.
Mike Pence calls it the Indiana Applied Research Enterprise, a collaboration between university researchers and private entrepreneurs and investors. And its initial focus would be in the life sciences sector.
Pence says linking public research and private investment will allow Indiana’s public universities to generate more opportunities for the private sector, which he hopes will create jobs and attract more companies to the state. While the enterprise would begin in the life sciences field, Pence says he sees it expanding.
“I would look at this research institute as a platform for all the industries in Indiana because in each one of those industries there’s a need for research and development and what we want to do is create essentially a conduit for collaboration,” he says.
Pence says he would also appoint a network of business executives, investors, entrepreneurs and researchers to help develop the work that comes out of the institute for the private sector.