The imperative of collective reforms in a federal system

By M. Suresh Babu

The process of furthering economic and institutional reforms in India is facing some unexpected challenges at this juncture. As these reforms have to deal with complex political and social contexts, the decisions needed are fundamentally political and shaped by political settlements. Though we must take politics seriously, crucial changes to economic institutions need to emphasize the underlying economic gains and highlight the virtues of patience as these changes takes decades to pay off. There are some signs of states and political parties getting restless and trying to undo past reforms. One such example is the case of pensions.

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