The challenge of formalizing the Indian economy
The government is still too prominent at the commanding heights of the economy and it must recede further, making room for a rejuvenated private sector
It is widely agreed that India stands at the cusp of three vital transitions, if it is to transform itself from an emerging to a developed market economy. These are rural to urban, farm to factory, and informal to formal. (To my knowledge, it is Manish Sabharwal who in recent years has popularized this formulation, although the concept long predates its present usage.)
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