India's Hidden Reforms Power Economic Surge

Economist Sanjeev Sanyal recently highlighted that India's impressive economic growth rate of 6 to 7 percent is largely driven by lesser-known 'process reforms.' These reforms, though not widely publicized, play a crucial role in maintaining India's position as one of the fastest-growing major economies globally.

Speaking at a seminar in Bengaluru titled 'Reforms: Way To Vikasit Bharath,' Sanyal, a member of EAC-PM, emphasized the significance of these micro-reforms. He noted that although they may not capture headlines, they cumulatively enhance systemic efficiency and contribute strategically to GDP growth.

Sanyal praised the elimination of outdated colonial-era laws, a move he attributed to his late colleague Vivek Debroy's efforts. Despite their challenging nature, these reforms have pivotal positive effects on economic momentum, as reflected in the 7.4 percent growth recorded last quarter. The resilience of the Indian economy is poised to continue, potentially surpassing Japan's GDP by 2026, according to the IMF.

(With inputs from agencies.)