Opinion: Economy On 'Autopilot' But India Needs 5 Big Reforms
NDTV
Recently, the Chief Economic Advisor (CEA) drew attention with his assertion that the Indian economy is currently on "autopilot". Looking at private consumption, we see the growth rate, post-pandemic, has returned to the projected trend. As if the pandemic never happened. An astute observation that is, nevertheless, being distorted by some who portray it as a sign that the government will not continue with the reform agenda and will simply rely on this 'auto-pilot'.
This perception is a far cry from the truth. Think of it this way - as Newton's First Law states, an object in motion stays in motion with the same speed and in the same direction unless acted upon by an unbalanced force. Our economy, akin to such an object, is maintaining its course - a testament to the momentum imparted by the series of impactful reforms enacted by the government over the past few years. Today, high-tech exports, such as IT services, mobile phones, drugs and pharmaceuticals, are driving significant growth in India.
Not a sign of inertia or apathy, the autopilot state is emblematic of the robustness of the Indian economy and the efficacy of past reforms. The government has no plans to rest on its laurels, as has been demonstrated by numerous policy changes and reforms discussed previously in this space. The autopilot analogy simply alludes to a scenario where the economy, having been given a powerful impetus by effective policies, continues its trajectory, overcoming the turbulence caused by the pandemic.