Last week, a senior government official made a reassuring comment about the need for states be focused on the pending economic policy agenda that should help India achieve economic growth of seven to eight per cent on a sustainable basis. The official also listed a few areas where reform measures needed to be undertaken in the coming months to improve the ease of doing business and attract more investment.
This statement was reassuring because it came at a time when governments, instead of outlining the urgent reforms that should be undertaken after the general elections, are busy announcing sops and new projects. Such a statement was also not entirely unexpected because India's political economy is such that elected representatives of the government are more inclined to announcing measures that can win votes, particularly in the run-up to a general election.
Sadly enough, economic reforms rarely win votes. Therefore, in such a situation, statements on the need for reforms, even when they come from officials, are a source of comfort in the belief that not all is lost regarding the need to make the Indian economy more productive and efficient.
Of course, announcing new infrastructure projects or increasing subsidies is relatively easy and electorally far more rewarding for governments as they prepare to face elections. Yet, nobody can deny the importance of governments formulating an action plan for major policy reforms that they must implement after the elections. Indeed, Prime Minister Narendra Modi has asked all the ministries to submit their 100-day action plan to be implemented after the elections.
This story is from the March 13, 2024 edition of Business Standard.
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This story is from the March 13, 2024 edition of Business Standard.
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