"The Unfinished Agenda: Redefining Economic Reforms"

In one of his speeches, A.D. Shroff says, "In seeking to build a prosperous nation, we must ensure that we do not replace one form of control with another. Independence is hollow without economic freedom."  Walking on his footprints, India has developed several economic policies that balance economic freedom and growth. But the question today is not just about freedom, it is about how far have we reached? And also, far from what? Far from our goals? Far from our deals? Or far from the finish line? "Digging the well, when thirsty”, we all have heard this proverb many a time since childhood. If we look back at the economic reforms in India, it will be the best example of this proverb.

The economy, once the backbone of public welfare, has been reduced to a pawn in the grand chessboard of political power, where policies are designed not for the masses but for the benefit of the elite few.

These initial statements of mine might have made you think that now I will criticize 1000s of policy decisions, and a few so-called policy reforms and then prove how the unfinished agenda in the title is a reality. Over here, what I relate to as the unfinished agenda is not making you count on all those poverty and unemployment indexes. Because 0 poverty and 0 unemployment are unachievable for any nation. So, I feel it is pointless to talk about that. Today, I choose to disappoint you. Today I choose to blur that finish line drawn on our minds by the digits of GDP and other parameters by the famous developed nations. And today I choose to opine that this agenda will never finish, it is going to remain unfinished because there is no limit to success, because there is no finish line for an endless race. I also choose to disappoint you by not giving the example of LPG reforms, the most successful economic reforms of India, because if I start to talk about that, we won’t have a sufficient slot to discuss some other important yet less popular economic reforms.

When I was born, the per capita income of India was 2660 dollars [PPP]. Today I am 20 and India’s per capita income is 8230 dollars. If you don’t call this an economic reform, I would again disappoint you and say, it is worth calling a reform.  When we blindly make an analysis that it isn’t we are comparing these figures with those popular Western nations which look perfect to everyone. But remember the grass is greener on the other side. We do not have any common grounds to compare with a nation that gained independence 2 centuries before India. Those systems have roots for as many years as we had colonial rule. We cannot expect a sudden change in a nation with a population 4 times greater than the perfect-looking nation, right?

While elaborating my point, reforms are not brought suddenly, we must not forget one of the classic economic reforms of India, the telecom reform. You may wonder why I am merging infrastructural reform into this topic. But as we all know, anything and everything happening at the macro level has something to do with the economy. Let me connect the dots for you. Considering the income level of people in India during the 1990s, according to my dad, his house rent at that time was 200 Rs. in a tier 3 city, while it cost 15 Rs. per minute for a call. Which is approximately 150rs for a 10-minute call. If I imagine myself at that point, as a rational consumer I would never choose to call anyone. After the telecom reforms, we all know the difference between these rates. It was drastically reduced and communication became easily accessible. Communication came as a new line for income generation creating employment, encouraging foreign investments, and much more. So, I definitely call this an economic reform!

Let’s also talk about some policy reforms. Moving ahead of the traditional 9 to 5 system, we all are aware of the entrepreneurial schemes promoted by the government of India. Pune is called as the 2^nd startup hub after Bangalore. Why do you think the government is putting its money into these schemes? Nothing complicated. Just the basic economic principle of investment and returns.  The Indian youth is now ready to shift the path from the breadwinner to the breadgiver. The government supports them because this is what will give us golden returns in the future. This is the foundation of a reform. Atmanirbhar Bharat is your hen which gives golden eggs and we are just feeding it the correct proteins.

As lord Krishna says in the Bhagwat Geeta, “परिवर्तन प्रकृति का नियम है” “change is the law of nature, India is adapting to such new changes in the economy to make its undestroyable roots stronger for any future storms. Be it adapting to the digit currency age or be it the evolving nature of labour, we are right in the mix. Be it developing UPI technology or be it formulating a gig economy, we are maintaining the right balance with these new changes.

While thinking about other such economic reforms I was struck at a point. I was in a dilemma about whether I should include this or not because it has multifaceted impacts on our economy. At last, I choose to add it because, after all a food platter is complete with sweets and spices both. The chili over here is privatization! A very big step by the government. More than enhancing effectiveness and generating revenues what I feel the best part is giving that freedom. As a bird with tied wings can never fly this reform named privatization has untied the wings of that bird who is now flying and we all can see the results.

While concluding I would like to go back to where I started my unfinished agenda. My agenda is to understand the vague meaning of success, reforms, end goals, and finish lines and to understand the economy itself.

"The work goes on, the cause endures, the hope still lives, and the dream shall never die. No matter how much you've done, or how successful you've been, there's always more to do, more to learn, more to achieve!" said Barack Obama

And finally, I choose to disappoint myself by comprehending that I should stop here.

- aditi