We got our independence in 1947. Interestingly, every block of around 22 years marked a turning point when it came to economic policies. For the first 22 years we followed a mixed economy approach, which was a mishmash of everything where it was felt that the private sector could coexist with the dominant public sector. 1969 was a turning point, when we went in for nationalisation, which marked a distinct preference for a socialist set -up. This started with banking but deepened in industry, trade, investment, and consumption. 1991 was another turning point where, under the force of circumstances, we went in for overwhelming reforms that opened up the economy, which changed the way in which we looked at the economic policy.

Another 22 years later, from 2014 onwards, there was an even more aggressive push for reforms, which further made doing business easier. The big difference was that this came with a human face, as the government used money more effectively to ensure that even the vulnerable sections were taken along with a plethora of schemes, which culminated with the free food scheme for 800m.

Looking ahead, the next 22 years, which will end in 2036, the Indian economy looks set to cross the mark of $10 trillion. This will mean doubling our per capita income and taking us to the last leg of moving towards being a developed nation by 2047, which will happen in the subsequent decade.

India, today, is still a........

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