The government wants to unleash the entrepreneurial skills of Indian youth, Sanjeev Sanyal, member of the PM’s Economic Advisory Council said here on Saturday.
The noted economist was speaking at Bharat Chamber of Commerce’s conference on ‘Reform agenda for the next 24 years.’ “I believe that three important reforms are necessary to be implemented if we are to evolve as a superpower in the next 25 years. Firstly, we need to enforce legal contract and deliver speedy justice. Secondly, administrative reforms such as re-orienting the Government departments and recruiting specialised professionals are needed. Lastly, infrastructure development has to be top-notched which India has achieved to a great extent”, he stated.
The Government intends to create opportunities for unleashing the innate entrepreneurial skills of the people, Sanyal said.
He said that since an economy is complicated with exposure to frequent unprecedented shocks, there neither exists a definitive strategy nor any optimal point of equilibrium, which may be equated in course of time.
“The failures of our 5 year plans and the Planning Commission could be attributed to this cause as well. The formula of successful governance lies in abandoning rigidity. We need to adapt, take risks, fail, rise and act again”, he stated.
Speaking on the nature of reforms the government has been implementing for the last eight years, Sanyal observed that withdrawal of its intervention has always been the potent philosophy behind every aspect of policy making.
He emphasised that archaic and regressive laws which have crippled the functioning of India’s administrative and legal system should be removed immediately.
Speaking on the current economic scenario, the economist claimed that inflation despite being at an uncomfortable level is still within controllable limits.
He felt that India’s productive capability and macroeconomic stability have improved significantly since the COVID onslaught.