Three decades ago, in 1991 India ushered in sweeping economic reforms. India's efforts to enable an ecosystem conducive for economic growth have seen a gradual build up since then.
Download ReportIndia Economic Reforms Fortifying growth foundations
India has embarked on the mission of Atmanirbharta meaning self reliance by aiming to maximize India’s core competency in various sectors via an innovative Production Linked Incentive scheme, and creating an enabling environment through simplifying cumbersome labor codes, liberalizing FDI regime to name a few. Agriculture too has seen a breakthrough from archaic laws, albeit not without reservations and opposition in a vibrant democracy. As the Indian economy fights the COVID pandemic armed with monetary and fiscal policy support with a likely double digit growth in FY22 the path ahead may not be easy. India was facing a growth slowdown well before the onset of the pandemic. Looking at the decade ahead, it is critical that Government focuses on execution of reforms mooted in last 18 months, resumption of past reforms that took a breather during the pandemic and most importantly, ensure integration of India more meaningfully in the global value chains. Only an execution driven growth plan will allow India to raise domestic incomes, meet aspirations of its growing middle class and deploy its sizeable youth population productively in the coming years