The journey of economic reforms

It involve a choreographed dance of multiple institutions and individuals, over long periods

Today’s policy announcement is typically yesterday’s thinking. Policies, like ideas, are usually path-dependent. “Aarthikam Chintanam” or “thought(s) on finance or economy” is a monthly column that will explore the evolution of economic policy ideas in India.

The media tends to sensationalise the big days of economic reform, such as February 20, 2015 (the day that inflation targeting came) or May 11, 2016 (the day on which the Insolvency and Bankruptcy Code or IBC was passed). Though as symbolic milestones these days are important, when we look deeper, these major reforms are not a sprint but a relay race. They involve a