India’s first-generation of economic reforms started in 1991 and continued for much of the next decade under different governments. But over the past few years, for a variety of reasons, they have stopped. Even as the economy chugs along powered by the private sector, there are clear limits to how fast it can grow and how far it will go.
What India needs is the next-generation of economic reforms. These have been promised many times, but not yet materialised. From labour to the judiciary, from police to the administration, from FDI in retail to reforms in the insurance sector, there is a lot of unfinished work in India to ensure that economic growth can exceed 10% on a sustained basis.
Which are the most important economic reforms that the government should focus on?