Reform reversal

States should not go back on pensions

There is a wide consensus among experts that India needs to take the economic reforms process forward to attain higher sustainable growth, which is essential to create jobs and pull people out of poverty. One of the important aspects of the overall process is the way the government manages its finances. It is important for higher growth and financial stability that government finances are well managed. Over the last couple of decades, both the central and state governments moved broadly in this direction. However, signs of a dangerous reversal are beginning to emerge. Although budget deficits have increased because of