July 24, 2008EconomygovernmentIndialiberalisationPublic Policy

After the fig leaf dropped off

Time to demonstrate those reformist credentials’

This is an archived blog post from The Acorn.

Now that the Communists are off the UPA government’s back, let’s see how much reform Prime Minister Manmohan Singh and Finance Minister P Chidambaram can deliver. Ajay Shah writes

Assuming the PM and the FM decide they want new drafting work done for one piece of legislation, it takes roughly a month of focus for a small team to get a good quality draft done. This is parallelisable - so 10 new drafts could get done in a month. The question is then one of whether it’s possible to introduce a new Bill and get it passed within the short time available. There might be some pieces of legislation which are non-controversial, where this could indeed come about.

I wrote an opinion piece in today’s Financial Express titled What now, UPA? about these questions. Now that the CPI(M) is out of the way, what is the task ahead of us in building the financial sector that India deserves?

Here’s the quick summary. There is a big task ahead of us. A lot of it can be done without legislation. The pending Bills are on the right track. But they are only a small slice of the legislative agenda in financial sector reforms. The bulk of the work has yet to begin. For the fuller rationale about these issues in financial sector reforms, see the Mistry and Rajan reports. [Ajay Shah]This blogger, though, is not holding his breath—but will find the greatest happiness if proved wrong.



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