Twenty years have passed by since the last set of reforms by Dr Manmohan Singh (the then Finance minister under Shri P V Narasimha Rao's government). The economy we see and read today has transformed in ways many would have not even thought of, thanks to the daringness of the eminent leaders quoted above. But, it is time to contemplate on such a set of reforms again. I have been reading quite a number of articles across various media about the need of another round of reforms – this time in other sectors like infrastructure, education, supply chain and warehousing, land and labour reforms etc. And I presume there are staunch supporters for the same, considering the awful infrastructure facilities we have. In addition to this, I believe that we need some administrative reforms in the way the government (read as bureaucracy) functions. Large/Small projects take months to get the clearances, which has been a deterring factor for large organizations to invest in India.
But, the main point I would like to discuss is whether the government is in a state to at least think of any reforms? Considering the number of issues it is tackling – ranging from corruption charges, handling regional coalition partners, black money issues, terrorism et al, I am afraid there is enough bandwidth for the govt to think of any reforms. Pranab da's populist budgets contain no signs of any major structural changes, barring the implementation of GST, for which the whole nation has been awaiting for more than two years. The top leadership of the Congress is busy in attracting voters rather than giving them anything. Certain exceptions can still be observed, thanks to the dynamic leadership of Kapil Sibal and Jairam Ramesh, who have set a benchmark. But, the task ahead for them is still large and I wish they stay in power to finish the job (bringing structural reforms, bringing efficiency and transparency to work) they have started.
I wait in anticipation to see how the government can pass these tough times and are there any surprises, in the form of reforms, for the nation.
