30 September, 2020

"The Reforms Have Been Good"

Joseph Wood, vice-president, World Bank, is confident that reforms will accelerate after the elections. His views:

"The Reforms Have Been Good"
outlookindia.com
-0001-11-30T00:00:00+05:53

On liberalisation : The reforms have been very good in opening up the economy, particularly in the manufacturing sector. The whole wave of deregulation, the removal of monopolies, the opening up of sectors, the change in the trade regime—these are major changes. The areas that remain to be reformed for sustainable long-term growth have to do with the completion of the fiscal adjustment—which means getting revenues to support critical development expenditure. There’s need for reform in the financial sector. And public enterprise reform still needs to be extended. What we are after

On privatisation : What we are after is support for a redefinition of the role of the state—to do things that are absolutely critical to a successful development effort. And we are not particularly seized on pri-vatisation as the only solution. There are concessions that are possible—opening up sectors to competition from other parties can help. For example, the financial sector. We have been encouraging the Government to look to nationalised banks to meet their...

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