Wednesday, November 12, 2014

Window of Opportunity for Reform

The recent trend in falling oil prices have opened up a window of opportunity for reform. The govt should exploit this before it disappears:

If the Indian public does pull the rug out from under the reform drive, they'll have only themselves to blame for keeping India the cesspool it is. In that event, then NRIs should walk away from India, and leave it to its fate. If the Indian public don't have the convictions to stay the course, then it means they don't have what it takes to save themselves.

But certainly, the Modi govt should not be resting on its laurels, basking in the glow of declining inflation, without trying to jump-start the growth engine. If the govt is too timid, it may lose its window of opportunity. After all, the rest of the world is benefiting from falling oil prices too. The govt has to maintain a sufficient pace of reforms in order to keep opportunities flowing India's way. Fortune favours the brave - if the govt doesn't show enough courage, then whatever it has accomplished so far may be easily undone.

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