Chakravarthi Rangarajan on Monetary Policy After Liberalization
Ideas of India
The Secular Decline of the Factor Market
I have two views on this kind of secular decline and perhaps you can tell me your view on it. I feel like one you already hinted at, we never did the next stage of reforms, which is the reforming of the factor markets. The dividing line is Pranam Mukherjee's retroactive taxation - that whole issue put the brakes on how private sector viewed the government. And even the reforms that were brought forward were sudden things like GST and demonetization not well thought through or implemented. So in some sense, I feel it's a combination of the kinds of reforms and also the, you know, not a very smooth gradual transformation.
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