In 1991, when economic reforms were given a notional start under duress, I was elated. I had long recognised the perils of our colonially induced, slavish mentality economic model — a mindset that had embraced self-defeating collectivist socialism. Yet I wondered: how could we open our domestic market to foreign players without first empowering our own enterprises to compete?
A preparatory phase should have come first: dismantling the bureaucratic chokehold of permits, quotas, high taxes, and the inspector raj; then bringing the economy to a truly global playing field in ease of doing business and in ease of living — the latter resting on the basic guarantee of security of person and property. We should have had a free and competitive internal market before venturing into internationalisation.
That hardly happened. Yet our businesses, built by people of steel, absorbed the shock and emerged strong enough to make their mark globally. India is a vast nation; if we put our house in order, we can shield ourselves from global turbulence and become a pivotal hub in global supply chains.
The way forward is clear. Free the domestic market to the optimal extent within our borders, while carefully calibrating the economy to face global competition and hazards. The goal is not reckless liberalisation, but an intelligently sequenced one — strengthening our internal base before taking on the world.
Many big-ticket reforms remain overdue: land and labour flexibility, rationalised taxation, infrastructure overhaul, and genuine ease of doing business. They will not materialise without public understanding and support. A nation of India’s scale cannot afford to drift between half-measures. If we expect our enterprises to compete globally, we must first give them the freedom, security, and infrastructure to thrive at home.
Niraj Kumar Jha
कोई टिप्पणी नहीं:
एक टिप्पणी भेजें