Reform the process of reforms: We need a new growth formula

It may be time for honest reflection on the market approach taken by Indian reformers back in 1991

- ARUN MAIRA

The general consensus seems to be that the budget for 2026-27 was not bad, but not good enough. It’s a safe budget. It didn’t rock the boat. It tried to keep the ship on course to India’s goal of increasing GDP and achieving ‘Viksit Bharat’ by 2047. However, it did not address the strategic vulnerabilities of the Indian economy highlighted in the Economic Survey.

India is caught in the pincer grip of a US-China geopolitical standoff. We rely on trade with China, with which we have boundary disputes, and on Russia for oil and arms, while the US continues to support Pakistan. We cannot afford to annoy the US, China or Russia, as our industrial capabilities are not strong yet. We must build these to recover ground lost to China by our premature abandonment of industrial policies in 1991.