Big-Bang Reforms Not Applicable To India: Chief Economic Advisor Arvind Subramanian
CHENNAI: Chief Economic Adviser Arvind Subramanian said big bang reforms are frankly not applicable to a country like India as there was multiple veto centres, multiple decision making centres and was very difficult to pass through a decisive change.
“Talking about big-bang reforms, one thing we have said in the Survey that these big-bang reforms are frankly not applicable to India, because if you look around the world, big-bang dramatic reforms happens around crisis”, he said while making a presentation on the Economic Survey of India 2014-15, organised by trade body SICCI and Madras School of Economics.
“Big bang reforms are not easy to happen in democracy. In democracies, you have multiple veto centres, multiple decision making centres and it is very difficult to push through decisive change and if you look at India at this juncture, we are not in crisis,” he said.
Stating that the economy has far improved compared to July 2013, he said, “it has been a dramatic improvement. If you look at where India was in July 2013, we were coming out from the edge of macro-economic crisis, but since then you know, inflation has come down, current account deficit improved, stock prices have gone up”.
Read Also:
26 Crore Fine
