Industry leaders present at the India Economic Summit urged the government to end “policy paralysis” and start the second phase of economic reforms without more delay. When the era of liberalisation began in India in 1991, the world was beginning to put its faith in free-market economics since all communist economies had failed. But the current economic crisis in the US and Europe should make us rethink our economic policy that has hitherto been either influenced by Marxist or free-market theories. It’s worth noting that neither of these could ensure inclusive growth. Our economists and industry leaders should draw new policy, suitable to our needs, that boosts employment and assures all-round growth.
N Ramamurthy, Chennai
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