Reform is a long process...

The Modi government at the Center has been accused for not reforming the economy in a consistent manner, which is misguided and not attached to reality; even the government has carried the baton forward by the previous government. The adherence to the fiscal deficit target and the GST reform, which were mere a dream during the previous government have been brought to reality only by the current government. However, the list of reforms does not fall short to add the badge of a “reformist” to the power at the Center. INDIA needed deep structural reforms on the supply side of the economy to arrest inflation when the NDA yielded influence; it reformed the food sector by allowing 100% FDI in food supply and processing, since it would increase farmers income by cutting the middle man chain in agriculture and further abolished the Agricultural-Produce-Marketing-Committee (APMC) which were important reforms on the supply side of the economy to unlock the food supply and lower inflation and interest rate. Moreover, the government has also resolved to set prices of selective items to contain food inflation. Recently, the practice to set fuel prices on a daily basis to align international prices with the domestic prices could be counted as a crucial reform because fuel is another important commodity after food which needs to be rationalized when over-supply has almost halved the prices internationally and that would benefits consumers and businesses in the form of lower transport costs. The setting up of a Monetary-Policy-Committee (MPC) was another feather in NDA’s cap which has replaced the Governor’s veto with a committee with some members appointed by the government, the rate cuts had been a constant point of spar with the Government. The adoption of inflation-targeting framework for the economy is also a landmark, never happened before. The demonetization movement and the willingness to curb the cash and the shadow or anonymous economy associated with it were most disruptive of all, which was felt by everybody, were strong signals that the government would not tolerate black money and illegal demand. The Insolvency and Bankruptcy Code were other mile-stones of the current government which would help solve the problem of bad assets of the commercial banks soared during the UPA and have been a major obstacle in the country’s growth, timely passage of the Code would help timely recovery. The universal social security measures like healthcare and pension under different yojnas are also noteworthy…

Yet, reform is a long process and the government must continue …