WADHWANI CHAIR IN U.S. – INDIA POLICY STUDIES
In November 2015 we launched our Economic Reform Scorecard, tracking the Modi government’s progress on 30 specific reform measures. We’ve continued to update the site on a monthly basis. Three months later, what’s changed and what’s stayed the same?
Hits: The government responded to its disappointing loss in Bihar by quickly announcing important new changes to regulations governing foreign direct investment, particularly in the retail sector. The announcement didn’t just clear the way for the Apple Store to open in India; it also showed that the government didn’t blame its forward-looking approach on the economy for its loss in Bihar.
Misses: The new Bankruptcy Code, currently pending in the Lok Sabha, is a much-needed attempt to free up capital invested in failing enterprises. But the government took the highly unusual step of introducing it as a Money Bill—bypassing the opposition-controlled Rajya Sabha but possibly exposing the Code to years of constitutional challenge. Endless litigation would undo one of the main purposes of the bill: creating more certainty for investors.
And everything in between: Visit the Economic Reforms Scorecard for updates on dozens of other reforms, from fertilizer policy to the GST. Email us to be informed of future updates, and give us your feedback on what we’re doing right and what we’re missing.