Which areas have gained the most due to liberalisation?
Liberalisation has been excellent for the country. Thanks to the reforms, the macroeconomic situation has never been better. We have a much lower fiscal deficit and we have created foreign exchange reserves from an almost bankrupt situation. Most people accept that the macro aspects of the economy are on a much healthier wicket today than in the pre-reforms era. However, we are not liberalised enough. Hopefully, after the elections, a lot more will be done. The areas where reforms have had the maximum positive impact are on industrial licensing, the Monopolies and Restrictive Trade Practices Act and international trade.
Which sectors have liberalisation passed by?
There have been no reforms in land markets. The Urban Land Ceiling Act and development regulations badly need to be liberalised. Perhaps, there is not enough realisation that our rules and regulations are archaic. In most countries, you can develop the land available between five and 30 times. We still have a floor...