Movement on reforms
Unfavourable laws are one of the main reasons why labour-intensive manufacturing has suffered in India
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The government has managed to make some progress in the area of economic policymaking recently, and the good news is that there are more proposals in the pipeline.
The government, for instance, has streamlined interest rates on small savings products, got crucial bills related to real estate development and Aadhaar passed in Parliament, and has put in place a new regime for hydrocarbon exploration.
Further, as was reported in this newspaper earlier this week, the government is now preparing to bring bills in the area of labour laws, in order to make them less stringent for businesses.
If done the right way, this could potentially be the biggest economic reform in recent years.
It is well accepted that unfavourable laws are one of the main reasons why labour-intensive manufacturing has suffered in India.
However, making changes in this area will not be easy and the government will have to deal carefully with interest groups and political opposition.