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Monday, July 25, 2016

Modi wants to reach hoi polloi with Reforms 2.0

Prime minister Narendra Modi has tasked the finance ministry to draw up a blueprint for the second phase of economic reforms, with a bias towards thehoi polloi. Modi asked finance minister Arun Jaitley on Friday to put together a long-term policy document that would set the tone for reforms in the next 25 years. July 24 marked completion of 25 years of economic reforms.

Jaitley will consult all concerned stakeholders in the economy, including international economic experts and think tanks, to chart India’s course as an economic powerhouse, an official privy to Modi’s thinking told Financial Chronicle. He did not wish to be identified.

Alongside the finance ministry, the Niti Aayog too will be tasked to prepare fresh policy approaches after studying global models of economic reforms and restructuring. Modi and Jaitley may even consider taking inputs from former prime minister Manmohan Singh and his erstwhile team for shaping the outlines of the second phase. Much of India’s economic achievements of the past 25 years are credited to the policies articulated by Singh, known as the architect of India’s economic reforms programme.

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