What are the significance of Panchayati Raj?

Panchayati Raj is a system of local government in India that was originally instituted by the Constitution (73rd Amendment) Act, 1992. The Panchayati Raj system has three tiers of government: the Gram Panchayat (village level), the Mandal or Block Panchayat (intermediate level), and the Zila Parishad (district level).
The objective of Panchayati Raj is to decentralize authority and to allow greater participation of people in the governance of their own village, town, or city. It is based on the principle of Gram Swaraj, or self-governance.
Panchayati Raj has been seen as a way to empower grassroots-level democracy and to give a voice to the people at the local level. It is also seen as a way to promote development and bring about greater accountability in the delivery of services.
The Panchayati Raj system has been credited with a number of achievements, including improved access to services, better management of natural resources, and greater participation of women and marginalized groups in the decision-making process.