ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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No Failure of Reforms

As expected, the backlash against economic reforms has started emerging (“Chasing the Unviable”, EPW, 18 July 2009). It is very conveniently forgotten in the editorial that we have managed to post a decent 6.5%+ growth rate even in the difficult year 2008-09 and are not likely to do much worse than 5-5.5% in the current year – thanks mainly to the very resilience and strengths acquired by the economy in the years of “opening-up, Private Sector investment-led growth and deregulation…”

The Economic Survey 2008-09, Chapter 2, in fact, does a very useful and timely service of bringing into sharper focus the “unfinished” agenda of reforms – covering the real, fiscal and financial sectors. While the editorial has chosen to list only “some” of the proposed financial and investment climate reforms, the same Chapter 2 also outlines the urgency and necessity of the reforms in land acquisition, quality of expenditure, institutional reforms and other policy initiatives which, if implemented, will contribute a good deal to the objective of “inclusive growth”.

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