The Long Road
Two events in the recent past have signaled a profound transformation in India ’s economic trajectory. The first was the twentieth anniversary of economic liberalisation which was announced by then Finance Minister Manmohan Singh. Economic reforms have left an indelible mark on India ’s growth story. It was a symbolic move which unshackled India from years of red tape which had stifled growth. The second was the government committee’s recommendation to approve 51 per cent foreign direct investment (FDI) in multi-brand retailing. Kudos to the government for shedding its paternalistic image which had hitherto prevented it from taking politically sensitive decision and espousing forward looking policies which are associated with an adverse effect in the short term. Needless to say that the concerns are galore but this is a very bold step from a policy perspective. ...