Not Another Anniversary!

Context: Real reforms are policy changes that make the economy run better and faster with less interference from the politicians.

An overview of agenda for future reforms for optimum governance

• Replace present financial system: with a vibrant system that efficiently and competitively finances development.
• System sustaining large NPAs in public sector banks, petty regulation conduct by SEBI, etc. need to be replaced by system of many local capital markets and finance companies that fund both debt and equity.
• Universal free trade, and perfect competition of home-grown goods and services with imports: Renewed system of petty, arbitrary protection should be ended.
• Capital should flow freely across the borders in both directions: Indians should have the same right to invest in capital markets abroad as foreigners in our markets.
• Educational system should be opened to foreign entry and competition: ‘Deforms’ like restrictions placed on student visas and money poured into dozens of third-rate universities should be reversed.
• Health system should be opened to international competition: With enforcement of standards and State subsidy should be based on merit.
• Political rejig: Time for enquiry and check entry of self-seeking entrepreneurs into politics.