Proceeding with economic reforms

20 JAN,2020 | MEDC


 

 

We need to accept the fact that India will never have economic reforms based on conviction or ideology. Almost all of our major reforms have occurred when the economy faced a crisis and the restructuring of the system became inevitable. One can rule out the possibility of Big Bang reforms in India, as they will be politically unacceptable. Reforms need to be carried out incrementally and not by stealth. An incrementalist approach implies continuity and sustainability, not necessarily slowness. On the other hand, reforms carried out by stealth could be unpredictably reversible which defeats their original purpose. The point to note is that there is nothing exciting or flamboyant in the process of economic reforms … it is a long, slow and boring process that utilizes small policy tweaks to revive the economy. The forthcoming Budget could be an ideal place for incorporating this approach.

 

*Photo Credit: Google

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