The recent slowdown in economic growth may just be temporary but there are serious concerns that raise questions about the sustainability of the reforms as well as the future of economic reforms. This week marks the 25th anniversary of the historic budget speech by Manmohan Singh, finance minister in 1991, which heralded economic reforms. However, the biggest challenge for the economy ever since the economic reforms were initiated has been the lack of employment creation. Twenty-five years since the reforms were initiated, it is not just an opportunity to evaluate what has happened in the past 25 years but also reassess the challenges of economic growth and poverty reduction in the next 25 years. While economic inequality has certainly been a hindrance for the majority of the poor to benefit from the fruits of economic reforms, the failure of the government to deal with structural inequality has also created a class of marginalized and vulnerable people.

Source: Mint July 26, 2016 18:33 UTC