BIKASH CHOUDHURY Apropos “reforms not
outdated, Mr. PM?” There is no two opinion on Indian ‘reform’ process should be
endogenous. However, the economic theory of ‘returns to scale’ also applies to
reforms driven by free market economy and therefore, current reforms would most
likely to provide increasing return at an increasing rate since Indian economy
has large amount of inefficiency in Agriculture, Energy, Education, Healthcare
and even in Retail sector; which can be expected to contribute to the Indian
growth story by attracting FDI and domestic private capital and management
helping to eliminate legacy of inefficiency and unlock value which would not
have been possible by our bolted Govt. & Public sector. This can not be
called ‘waste paper basket of outdated Ideas’; though, celebrated author has
made an attempt to reinvent a very “colorful phrase”. Author has wrongly
compared American Economy with Indian Economy; which is as same as ‘chalk from
cheese’ in its size and sophistication. Therefore, what applies to USA
does not apply to India
and vice- verse. Author has apparently tried to cloth his Ideological position
with Intellectual arguments which should ideally be treated with contempt for
Intellectual dishonesty and heresy.
Wednesday, October 10, 2012
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