Two Decades of Reforms- where are the gains?

These days the political parties do not easily miss out on anniversaries. But one anniversary the Congress has failed to celebrate is the 2^nd anniversary of reforms. Whatever be the reasons behind the Congress not celebrating it, let’s look at what we have achieved since the introduction of reforms way back in July 1991.

Mr Manmohan Singh, the then Finance Minister, in his budget speech declared that his new government had inherited an economy with such problems like the balance of payments crisis, high fiscal deficit and high inflation. He thought the reforms were the answer for India’s economic well being and thus ushered in an era of economic liberalization. But, what have we achieved through the reforms? 

Amol Agarwal points out that one could just use 1991 speech to explain today’s times as well. Niranjan Rajadhyaksha says that there is very little to distinguish India in 2011 from India in 1991.

It is true we are growing at 9 per percent and have increased our number of billionaires. But what about the increasing number of poor people, corruption, communal tensions, inflation and farmers' suicides.

There are those who argue that the problems that we face today are due to inadequate reforms and not excess of reforms. So they suggest more reforms to change this reality. 

The anti-reform and pro-reform loyalists/lobbyists should not lose sight of the reality and need to accept that the twenty years of reforms are indeed a mixed bag. We definitely need more reforms- such reforms that will enhance elimination of poverty, corruption, high inflation and communal tensions. 

Hopefully when we get ready for the 3^rd anniversary, we would be celebrating these reforms!