India must focus on growth of labour-intensive sectors to create decent jobs for the masses as well as give "serious thought" to privatising the public sector banks (PSBs), eminent economist Arvind Panagariya has said, emphasising that the reform process must be completed in the coming five years. "My personal view is that India must complete its reform process in the coming five years," Panagariya, Director at the Raj Center on Indian Economic Policies at Columbia University, told PTI here. He stressed that it is also time that "we gave a serious thought to privatising public sector banks (PSBs). "As a last resort, if the government feels that it must have control, keeping the State Bank of India in the public sector (with due governance reforms) may be a reasonable compromise," Panagariya said. "We must also introduce a sunset clause to all Centrally Sponsored Schemes and Central Sector Schemes.

Source: Mint April 21, 2019 10:52 UTC