The Independence Day celebration marked our 80th anniversary, which gives us time to look at what needs to be done in the coming 5 years or so. Starting virtually from scratch in 1947, the economy moved along with different kinds of ideology-driven policies. It was in 1991-92 that there was a push which made us go for economic reforms. This was both easy and difficult. Easy, because there was nothing to come in the way, as it was virtually starting from the beginning when it came to following liberalisation. It was tough because mindsets had to change, which is always a challenge. But we, as a nation, have done well.

Going forward, all reforms will have to be calibrated and will be incremental as the basic edifice has been set in place. There is some tweaking required in areas where we have seen big reforms in the last three decades or so. But there could be scope for some big-bang reforms too, which have to be taken on to bring about acceleration in growth.

Agriculture Needs Major Reforms

Agriculture is one area that needs major reforms. The challenge is that it is a state subject, and, hence, this means that there must be a strong partnership between the Centre and states to make this happen. This will also showcase federalism and its strengths if done. One may remember the farm laws that have been held back. These were progressive, as they sought to revolutionise the sector and make it more commercially orientated. India has the........

© Free Press Journal