The most important thing is that we're going ahead with the second generation reforms because of strong fundamental reasons since there was widespread criticism that the first phase of reforms lacked sequencing. We would aim at sequencing the liberalisation process, as the 1991 reforms were a little ad hoc in nature. We want to put reforms on a clearly-defined path.
The easy options have been exhausted in the first phase of reforms. We have to exercise difficult options in the second set of reforms. The country would have to pay a heavy price if the reforms are stalled.
The government would put before the nation a comprehensive paper on the second generation reforms, which will include a medium-term fiscal consolidation plan through expenditure control, restructuring of psus and deepening the financial sector reforms as per the recommendations of the Narasimhan Committee II.
The paper would be a comprehensive document spanning several issues ranging from the rural economy to global issues, to financial sector to infrastructure-related issues and would lay down...