#IndiaEcon Policy reform must be translated into simpler rules & procedures on the ground, before it translates into production efficiency, investment, job creation and productivity: Well designed & implemented reform, will reboot the economy. ..2/ hindustantimes.com/india-news/reb…
2/rfrm Badly designed reform, like original GST structure (with 10s of Cess), will Not result in greater efficiency or growth. Incomplete reform, like Labour codes, will not generate visibly more jobs, till simple rules, procedures & reporting requirements are put in place!
3/rfrm There are 2 human weakness to beware; Tendency to, (1) “rest on ones laurels” tire & leave things incomplete and/or unattended, (2) Arrogance; In a world of great uncertainty, shocks & big changes, one has to constantly learn and adapt to new threats & opportunities!
4/rfrm If Govt doesn’t have the understanding/knowledge/expertise to design & implement good reforms, then only option is to use conventional, well known fiscal-monetary policy instruments to reboot economy; Its better than left-socialist policies masquerading as economic reforms
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