India Needs Next-Gen Reforms to Navigate a World of Uncertainties

A mix of steps to boost our economy will be key in turning the challenges we face into opportunities

- HARSHA VARDHAN AGARWAL

Today's global economic landscape is characterized by geopolitical uncertainties, slowing growth, fragmented supply chains, volatile financial markets and relentless technological change. India has demonstrated strong economic resilience in times of crises, turning them into opportunities through reforms. On Monday, Prime Minister Narendra Modi chaired a high-level meeting to discuss the roadmap for India's next-generation reforms.

A recent survey by Ficci on global risks and opportunities showed that 57% of India's business respondents identified supply chain disruptions and 53% cited trade fragmentation as well as protectionist policies as the most pressing concerns. A majority of respondents, however, showed confidence in navigating these risks and indicated India's potential to emerge as a global leader across industries. Realising this potential requires reforms.

The ease of doing business: The past decade has seen major steps to simplify regulatory compliances. The government must continue these efforts, addressing issues related to overlapping approvals under multiple laws, construction permits from different agencies and duplicate inspections.