In this Mint article, Niranjan Rajadhyaksha makes the case for a broad economic policy framework that goes beyond sectoral policy responses.
"There is now a strong case to think about the economy as a whole rather than sectoral decisions in response to the latest problems dominating the news headlines. In his forthcoming book, Subramaniam Swamy writes that the Narendra Modi government “has an unstudied familiarity with microeconomics but not macroeconomics and its intricacies of inter-sectoral economic dynamics.
We need a contemporary variant of the famous M document authored by Montek Singh Ahluwalia in 1990 as economic reformers in the government had begun convincing the political leadership that the old strategy was no longer delivering results. Mere tinkering at the edges would no longer work. It eventually took a P.V. Narasimha Rao to junk the old policies."
Read the complete article here.