This is the Indian moment Modi must not waste it
This should be India’s moment. The country has thehighest growth rate among major economies. TheInternational Monetary Fund describes it as a brightspot in an otherwise mostly dismal world economy.Narendra Modi, prime minister, basks in theresounding mandate he received at the polls twoyears ago from a population desperate for a signof economic revival.
Yet two years into Mr Modi’s tenure, his government continues to avoid many hard choices.India could come to rue a missed opportunity to implement a more ambitious reformagenda.
Sceptics question whether the economy is really growing at the official pace of 7.5 per cent.Even government officials agree that newly revised data collection procedures present a pictureat odds with otherfigures.
Still, India has good growth momentum. The fall in world oil prices has been a boon, reducingthe budgetand current account deficits. India is not likely to be hit hard by either a growthslowdown in China ora US interest rate increase. Domestic and external circumstances couldnot be more favourable. To be fair, his government has accomplished a lot. Macroeconomic stability is at hand. MrModi has supported the Reserve Bank of India’s struggle against inflation. He has largelymaintained budget discipline and made progress on financial inclusion. Access to the formal financial system gives the poor the feeling that they have a shot at sharingin thebenefits of reforms, rather than merely bearing any costs of dislocation. The governmenthas emphasised better public governance as well, although the fight against corruption is notbeing executed with any great vigour. However, unless Mr Modi builds quickly on these foundations, India’s moment of glory could beshortlived. For all the positive economic data, private investment remains tepid as businessesare not convinced that the economy is on the right path. What India really needs are bold reforms to make growth more durable. The list of suchreforms is long and includes reducing labour market -regulations, unshackling businesses fromred tape, fixing the banks, developing capital markets and improving infrastructure.
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