At the crossroads again

The reforms implemented in India in the wake of the balance of payments crisis in 1990-91 were crucial in setting us on the path of higher growth. Two decades later, although we are not faced with a crisis, we are poised again at economic crossroads. Robert Frost’s (1874-1963) writings include a poem titled “The Road Not Taken” which is oft-remembered for the lines “Two roads diverged in a wood, and I — I took the one less travelled by, and that has made all the difference”. However, on major economic issues should India go down less traversed roads? This article reviews Indian economic indicators and suggests that it is high time to make a concerted effort to implement the next round of reforms.

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