Reforms do have a human face
Politicians seeking limelight have focused disproportionately on the achievements in the information technology sector, fuelling the impression that reforms have helped only a blessed few. But this is a gross distortion of the true picture.
Abstract:
India's economic problems are a domestic creation. That's the word coming in from Arvind Panagariya the economics professor at Columbia University. In an exclusive chat with CNBC-TV18's Siddharth Zarabi, Panagariya said India took growth for granted and the last 10 years has been a 'lost decade'. But he also expressed hope that the economy can turnaround over the next 12 months.
"My own assessment is that we are seeing a little too grim. I personally have been an optimist on the Indian economy. I feel little disheartened for sure in view of the lot of the indicators but I think in another year – year and a half you will see the turnaround happening," he says.
"It is things that we did not do right in the last several years. My own thinking is that we lost almost 10 years, certainly nine and a half years under the present government – UPA-I and UPA-II. We took growth for granted. Right from the beginning, 2004 when the UPA government came into power, they were: 'we want reforms with human face'.