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.