The Big Picture : Economic Reforms - Journey & Road Ahead

In this episode of The Big Picture based on Economic reforms : Journey & road ahead. India has completed 30 years of liberalisation regime. Multi-pronged reforms agenda was launched in 1991. It redefined the role of State as facilitator & neutral regulator. Over the years India has become one of the fastest growing economies in 21st century and the reforms agenda continues to be in focus to revive economic growth. In this episode we will discuss and analyse all aspects of this issue.

Anchor:- Vishal Dahiya

Producer:- Sagheer Ahmad

Guest Name:-

1. A.K. Bhattacharya, Editorial Director, Business Standard

2. Abhinav Prakash, Assistant Professor of Economics, University of Delhi

[adarshmishra]

📜 SUMMARY📜 : Economic Reforms - Journey & Road Ahead

*🔺 India has completed 30 years of liberalization regime.

* 🔺 Multi-pronged reforms agenda was launched in 1991.

* 🔺 It redefined the role of State as facilitator & neutral regulator.

* 🔺 Over the years India has become one of the fastest growing economies in 21st century and the reforms agenda continues to be in focus to revive economic growth.

🔷🔷🔷🔷🔷🔷🔷🔷🔷🔷🔷🔷🔷🔷

🔸👤 Panelist 1 🔸 : A.K. Bhattacharya, Editorial Director, Business Standard

👇👇

1. Story of 30 years i.e. since 1991 we have 5 broad areas : Fiscal areas(Many Govt Changed since then....fiscal deficit was then 8% and controlled under 4%.

2. Next is Trade policy: Tariff got reduced eventually.

3. Industry and licence policy: Except Railways and atomic energy got delicenced.

4. Next is financial sector reforms: Banking, NPAs were crux of this reforms.

5. RBI and Govt relations has redefined since then: Govt has not been using Ad-Hoc treasury bills and replaced by T-Bills of RBI.

6. So since 1991 growth has been high, trade has increased tremendously.

7. When we see the growth of economy on one side: But Inequality has also increased.

8. Unfortunately it has not expanded to socials sector reforms( Education, Health, Skill development): Bcoz of this large depend on Agriculture.

9. By undertaking deeper Education, infrastructure reforms it will bridge the gap.

10. State's(India) role : for providing basic facilities like road, education, vaccines, food shall not wither away, it shall be distributed equitably.

11. 2021 is not 1991: therefore world and India is not as same before....GDP, Economic environment has changed.

12. So reforms should be in civic, municipal areas: where people are directly in contact and impacts

13. Reforms in Regulatory Bodies(to increase efficiency), Legal Policies ( According to Changing business like Amazon Old laws are applied).

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🔸 👤 Panelist 2 🔸 : Abhinav Prakash, Assistant Professor of Economics, University of Delhi

👇👇

1. Successive govts has sticked to economic reforms and Liberalization.

2. Today is birth anniversary of PV Narasimha RAo: He reformed when fiscal, trade, Foreign reserves were very poor.

3. Earlier people were only targeting Govt jobs: Now private companies have rised to give employment to innumerable.

4. India has become Startup capital of the world.

5. Unlike China India has not done well wrt. Agriculture....Legitimacy of Economic reforms is low.

6. State now has become redundant, Role in economy has reduced only as facilitator of business.

7. Public expenditure must happen for next stage of economic growth.

8. Apart from Economic reforms: Judicial reforms(Speedy trials) will help economic growth by
1-1.5%.

9. Next is Police and administrative reforms : India has lowest no of administrators(USA has 5 times more than India) : and make sure there is less corruption, less hurdles cut their arbitrary powers.

10. Legal Reforms: we have to sit down and make laws for institutions like Police, Administration and smooth functioning of Govt institutions.

11. Reforms should move from Centre to state and then to Local bodies.

12. Reforms should be pro Market rather than Pro Business, and make reforms in Financial Sector( To tackle NPA).

13. Reforms in Sarkari English and Hindi: Language used is confusing and absurd.

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" 🔸 The economic reforms and agenda of 1991 has lot of challenges and opportunities which lie ahead in terms of economic growth, above mentioned reforms have to be taken at the earliest🔸 "

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😊▪Thank U▪😊

[English__g]

Why not big picture not come regularly

[muskanbakes]

I chuckled when Mr. Prakash called Mr. Vishal Dhaiya "Vikas"

[itsmevlog]

Anyone from kerala ??
Watching this means lot

[ravitheexplorer]

Govt should give skill to every youth so that they can play more important role in economics development of country.

[iasrudra]

And no one is really interested to talk about reform in current reservation process... it's really sad.

[absolute]

While I am watching this, neither water nor Electricity is being provided by the State. Both of them, I have to manage on my own. This is the pathetic condition.

[LalsinghMachhirkeScineceJrColl]

india is world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP)

[anubhavjain]

Laws are more pro business than pro Market

[nishantgautam]

Pretty agree with replace old labor force with the energetic and brilliant new labor force

[itsmevlog]

Is there anyone from central universities???

[iasrudra]

Political system reform is much needed..there must be some recruitment process for politicians as well so wise people will be there not criminals...and it will help boost our economic growth rapidly..