PVNR was partially “reforms by stealth” and it was also during a crisis. ABV reformed openly. But both lost, not *because* of reforms, but they neither helped nor hurt.
UPA was not “reforms by stealth”, rather zero reforms but massive stealth - stealing public money that is.
UPA was not “reforms by stealth”, rather zero reforms but massive stealth - stealing public money that is.
Neither is all governance=economic policy, nor is all economic policy = “reforms”. Industrial policy, fiscal policy, infra are not “reforms”, but important, even more critical than “reforms”. And governance goes beyond economic policy as well- defence, education, social issues
Many unlocks are also at the state level for reforms, and not all things that change economic outcomes are strictly *economic* reforms. Take law and order and policing, and local judiciary - all will improve economic outcomes. Local business regulations. Then of course…..
…land, labour, agriculture. Local infrastructure that is state govt capex - technically not a reform, but has the highest multipliers of all government spending.
More than Modi- the PM, who has been excellent on reforms, Modi- the BJP supremo should nudge BJP state governments to reform. Modi- the PM, should focus on all these other issues (not reforms), both on economic policy and outside economics- in defence and social, cultural policy
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