Not all crises are opportunities for reforms

This year marks 30 years of the landmark economic reforms that permanently altered the production and distribution structures of the Indian economy. Both 1991 and 2021 have one thing in common: an economy facing a severe growth crisis. This raises two fundamental questions. First, is crisis a prerequisite for reforms? Second, given the magnitude of economic contraction, in 2021, are reforms capable of rejuvenating the economy or will they push the economy towards growth fatigue? (Read More)