By Sanjeev Sanyal and Aakanksha Arora
Process reforms are an important policy tool for improving economic performance. Indian economy has shown strong economic growth and macroeconomic resilience in past few years, which has been lauded by many. Many factors have contributed to this success. The ones that are most widely acknowledged are structural reforms such as introduction of GST, an inflation-targeting framework, and the implementation of the Insolvency and Bankruptcy Code; focus on infrastructure development etc. Another very important contributor has been the systematic application of ‘Process Reforms’ in order to improve ease of doing business, delivery of public services and removal of outdated regulations. However, the contribution of these reforms is not fully appreciated in economic literature.
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