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Financial Reforms in India – A New Era

SECTOR FOCUS/Finance, October 2017
by Rashesh Shah
A financial expert delves into how reforms in the sector are set to transform the Indian economy.

The last few years have been a seminal period for the Indian economy, not only in terms of the overall progress on the macroeconomic front, but more importantly in the structural reforms undertaken, many of which will have deep-rooted, long-term effects.

Be it the Insolvency & Bankruptcy Code (IBC), Demonetisation or Goods and Services Tax (GST), each of these reforms has targeted a specific segment of the problems faced by our economy and tried to root out the underlying issues to create a lasting rather than a transitory solution which would have relied on superficial, short-term panaceas. While there might be some short-term pain involved, there is no denying the long-term benefits that will accrue through these reforms.