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Kerala PSC Indian Economy Book Study Materials Page 164Book's First Page
6.14 aimed at inclusion (commencing via the third Union Budget 2017-18 described it). Some of generation of economic reforms). This created a such reforms have been: kind of disillusionment about the prospects of (a) Inflation targeting and setting up reforms and failed the governments to muster the Monetary Policy Committee by enough public support in favour of reforms. amending the RBI Act, 1934; Unlike India, several other countries (such (b) Restarting of the ‘strategic disinvestment’ as Brazil, Argentina, South Africa, etc.) also went of the PSUs; for the stop-and-go kind of reforms. In such (c) Demonetisation of the high denomination reforms, the governments first decide the sector currency notes (aimed at checking where reform is needed—then they pin-pointed corruption, black money, tax evasion, the prerequisites (which will create a conducive fake currency and terrorism); atmosphere for reforms to take place), and finally (d) Enactment of the new Benami Law both set of the reforms are activated simultaneously. (aimed at checking black money); In their cases, economic results from reforms were on the expected lines. Though these nations took (e) Bankruptcy Law (aimed at promoting the high risks on the socio-political front, in their ‘ease of doing business’); and case, in medium-term itself, the governments were (f) Enactment of the Aadhar Act (aimed at able to mobilise enough public support in favour rationalising and weeding out corruption of reforms (which encouraged the governments in the present subsidy regime); etc. to go for further reforms). Such reforms do not The latest volume (vol. 1) of the Economic look possible in the case of India—this is why last Survey 2017-18 has rightly advised the few volumes of the Economic Survey (2015-16, government to push in favour of largescale 2016-17 and 2017-18) advised in favour of an incremental reforms in the economy—citing the incremental approach to reforms. need of judicial reforms which hinder the natural Presently, we see the Government of India functioning of the economic system and prevents pushing for ‘transformational reforms’ (as the it from realising its optimum potential.