61/bbr The solution to #Bureaucratic #Socialism (#BS) is neither #Bureaucratic #Capitalism, nor #Bureaucratic #Mixed #economy, but a #New #Development #Paradigm (EPW 2001; egrowfoundation.org/research/a-new…) further explained in, sites.google.com/site/chintan19… and egrowfoundation.org/research/india… 🧐
62/bbr “The J curve of Institutional reform” (2020) egrowfoundation.org/research/growt… showed that anti-black money crusade can’t b sustained w/o Institutional reform. Corruption is a systemic problem in India(origin Bureaucratic Socialism) & can only b solved by policy+institutional reform
63/bbr This is encouraging, but more needs to be done wrt #EODB/#EORC and to translate the policy reforms announced during last 3 yrs into rules, regulations & simpler procedures for producers & exporters. m.economictimes.com/tech/technolog…
64/bbr The transformation of Indian economy since 2015, from the perspective of a Pvt sector macro economist
65/bbr Not only does India have the highest customs tariffs in the World, but they have risen sharply relative to our export competitors during the last 5 years. Non- agricultural tariffs (manf & minerals) must be brought down to Vietnam's 8.4% (blue line👇);
66/bbr only a few states haven't framed the rules under the new labor codes yet: indianexpress.com/article/opinio…
67/bbr Is #India ready to move from 100 different welfare programs, to a unified, mobile wallet (account) based, #Direct #Cash #Transfer (#DCT) Scheme, as I have recommended since 2009?
68/bbr Independent, professional, #regulatory organisations staffed by experts, are critical to efficient functioning & growth of a modern economy providing hi quality goods & services to all. Bureaucracies are antithetical to such orgs & always try to control or undermine them!
69/bbr #Basic #Education & #Job #Skills 👇🏼are critical to eliminating #LMIC #poverty ($3.2/person/day). Everyone in India 🇮🇳 seems to agree in principle, but we can’t seem to get our act together, since we have been saying this for 2 decades
70/bbr Having spent much of ones life battling the “quota-license raj” unleashed by PM Indira Gandhi, one is vey wary of anything that smacks of it (it’s deeply embedded in the mentality of Indian elites). Registration & Modern, professional Regulation is far better alternative.
71/bbr Hints of #LPQraj are also seen in draft Insurance regulations: “Clause 4: The following shall NOT be eligible to be a promoter of the applicant: An Individual (eg #startup) or Body of Individuals or Association of Persons (eg #MSME). A Trust..(irdai.gov.in/ADMINCMS/cms/f…)”
72/bbr There is one competitive disadvantage wrt to Vietnam👇🏼 we can easily solve with a #Big #Bang #reform in next budget. Reduce average electronics/IT/Telecom related import tariffs from 9.9% to <5.7%, Focus on eco-system development, not Value added, as latter follows former.
73/bbr The economy will not see the #productivity #gains from #Strategic #Industry policy until the #Public #Sector is privatised as per announced policy: swarajyamag.com/ideas/public-s…
74/bbr Short note on “#Inclusive #Growth”, which suggests a menu of policies for improving “#Inclusiveness” of India’s Growth, in a World battered by series of shocks (2020-2022), resulting in high Global risks in 2023: facebook.com/arvindvirmani2/
75/bbr #Startup #India initiative was announced by @narendramodi @PMOIndia on 15 Aug 2015. Startups are drivers of innovation, quality jobs & productivity (TFP), Yet tax & control bureaucracy doesn’t understand link btwn Startups & their Eco-system & policies needed for success!
76/bbr #Biotechnology is one of the drivers of technology revolution in next 15-30 years. India must catch up for lost time, not just in agriculture (👇🏼) but also in drug discovery, testing, licensing: indianexpress.com/article/opinio…
77/bbr I have long argued that a direct cash transfer (#DCT) system linked to Aadhar number(UID 2006-09) & mobile phone wallet, is best way to provide targeted support to those hurt by domestic & external shocks. But GOI’s provision of free cereals worked V well during pandemic
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