Latest news with #SanjeevSanyal
Times of Oman
3 days ago
- Business
- Times of Oman
'Process reforms' vital in India's GDP growth rate of 6-7%: Sanjeev Sanyal
Bengaluru: Economist Sanjeev Sanyal has said that India's economic growth rate of 6 to 7 per cent is a result of many "process reforms" undertaken that are not part of the headlines. India continues to be among the fastest-growing major economies and is expected to maintain this momentum over the coming years, according to global agencies. Speaking in Bengaluru at a seminar titled 'Reforms: Way To Vikasit Bharath,' Sanyal, who is member of EAC-PM, said "process reforms are an important part of reforms". "These are not reforms that you hear about in the headlines or in newspapers; unless you happen to be from that little sector, you probably don't know anything about it. And yet it is the accumulation of these hundreds of small reforms," he said. "The 6.5-7 per cent GDP growth rate we are now seeing is driven at least in part by the efficiencies we get from this kind of reform," Sanyal said, highlighting the importance of micro-reforms. He said that the government has removed hundreds of outdated colonial-era laws. "My late colleague Vivek Debroy was much into that. He was instrumental in removing hundreds of outdated, ridiculous laws. We've got four major maritime laws which go back more than 100 years, which I have worked to change," he said. Sanyal said that reforms can be challenging and may not be popular with people but have a positive impact on economic growth. "Laws are changing. These reforms are happening. And this is very painful, excruciating work, as you can tell; each one of them will need data, and we need to argue with people. You have to be willing to be unpopular with a large number of people, but you have to persist with this," he said. "Yesterday, you got the data: the economy grew in the last quarter by 7.4 per cent and we are now by some margin the fastest-growing economy despite all the turbulence in the world. It's not happening just like that. There's a lot of work that goes on at the back to keep this economy running," Sanyal added. He noted that while small reforms often go unappreciated, their cumulative impact has significantly improved systemic efficiency. This, he added, is one of the key drivers behind the current 6.5-7 per cent GDP growth rate. According to the IMF's April edition of the World Economic Outlook, India's nominal GDP for fiscal year 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. Indian economy grew by 6.5 per cent in real terms in the recently concluded financial year 2024-25, Ministry of Statistics and Programme Implementation's official data showed on Friday.
India Gazette
3 days ago
- Business
- India Gazette
'Process reforms' vital in India's GDP growth rate of 6-7%: Sanjeev Sanyal
Bengaluru (Karnataka) [India], May 31 (ANI): Economist Sanjeev Sanyal has said that India's economic growth rate of 6 to 7 per cent is a result of many 'process reforms' undertaken that are not part of the headlines. India continues to be among the fastest-growing major economies and is expected to maintain this momentum over the coming years, according to global agencies. Speaking in Bengaluru at a seminar titled 'Reforms: Way To Vikasit Bharath,' Sanyal, who is member of EAC-PM, said 'process reforms are an important part of reforms'. 'These are not reforms that you hear about in the headlines or in newspapers; unless you happen to be from that little sector, you probably don't know anything about it. And yet it is the accumulation of these hundreds of small reforms,' he said. 'The 6.5-7 per cent GDP growth rate we are now seeing is driven at least in part by the efficiencies we get from this kind of reform,' Sanyal said, highlighting the importance of micro-reforms. He said that the government has removed hundreds of outdated colonial-era laws. 'My late colleague Vivek Debroy was much into that. He was instrumental in removing hundreds of outdated, ridiculous laws. We've got four major maritime laws which go back more than 100 years, which I have worked to change,' he said. Sanyal said that reforms can be challenging and may not be popular with people but have a positive impact on economic growth. 'Laws are changing. These reforms are happening. And this is very painful, excruciating work, as you can tell; each one of them will need data, and we need to argue with people. You have to be willing to be unpopular with a large number of people, but you have to persist with this,' he said. 'Yesterday, you got the data: the economy grew in the last quarter by 7.4 per cent and we are now by some margin the fastest-growing economy despite all the turbulence in the world. It's not happening just like that. There's a lot of work that goes on at the back to keep this economy running,' Sanyal added. He noted that while small reforms often go unappreciated, their cumulative impact has significantly improved systemic efficiency. This, he added, is one of the key drivers behind the current 6.5-7 per cent GDP growth rate. According to the IMF's April edition of the World Economic Outlook, India's nominal GDP for fiscal year 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. Indian economy grew by 6.5 per cent in real terms in the recently concluded financial year 2024-25, Ministry of Statistics and Programme Implementation's official data showed on Friday. (ANI)
The Hindu
5 days ago
- Business
- The Hindu
Chanakya University, Bengaluru to host distinguished lecture on ‘Process Reforms – The Road to Viksit Bharat'
: Chanakya University will host a distinguished lecture titled 'Process Reforms – The Road to Viksit Bharat' on Monday, June 2, 2025. Sanjeev Sanyal, member of the Prime Minister's economic advisory council and chancellor of Gokhale Institute of Politics and Economics, Pune, will deliver the lecture . The event is part of the university's ongoing distinguished lecture series and will take place at Yuva Patha, located at 31st Cross, 11th Main Road, 4th T Block, Jayanagar, Bengaluru. The programme will commence at 5 p.m.
India Gazette
10-05-2025
- Business
- India Gazette
BFIN and PHDCCI India-Nepal Centre host symposium on
Kathmandu [Nepal], May 10 (ANI): The Banking, Finance, and Insurance Institute of Nepal (BFIN), in collaboration with the India-Nepal Centre of the PHD Chamber of Commerce and Industry (PHDCCI), successfully organised a high-level symposium titled 'An Aspiring Nepal: How to Benefit from Economic Reforms?' at the Radisson Hotel, Kathmandu. The symposium brought together a distinguished assembly of thought leaders, policymakers, economists, and industry experts from Nepal and India to engage in a comprehensive dialogue on Nepal's economic reform agenda and the prospects for enhanced bilateral and regional collaboration. Dr Binod Atreya, Managing Director of BFIN, delivered the welcome address, setting a purposeful tone for the program. Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister of India, delivered the keynote address, offering compelling insights into India's reform journey and outlining actionable lessons relevant to Nepal. Binod Chaudhary, Member of the House of Representatives and President Emeritus of the Confederation of Nepalese Industries (CNI), underscored the critical role of a dynamic private sector in advancing effective economic reforms. Noteworthy remarks were also shared by Dr Prakash Kumar Shrestha, Member of Nepal's National Planning Commission, and Prasanna Shrivastava, Deputy Chief of Mission at the Embassy of India in Nepal, both of whom reaffirmed India's support for Nepal's developmental aspirations. Additional distinguished speakers included Chandra Prasad Dhakal, President, FNCCI; Guru Prasad Paudel, Executive Director, Nepal Rastra Bank; Upendra Prasad Poudel, President, CBFIN; Ram Kumar Tiwari, MD & CEO, Nepal SBI Bank Ltd.; and Anand Jha, Head of Government Engagement-India & South Asia, Visa Inc. The panel discussion, moderated by Atul K Thakur, Secretary, India-Nepal Centre (PHDCCI), explored key themes such as policy innovation, financial sector transformation, and sustainable regional growth. The program provided valuable insights into strengthening bilateral economic ties. With keynote addresses and discussions featuring distinguished experts, including Sanjeev Sanyal, an eminent economist and Member of the Economic Advisory Council to the Prime Minister of India, the program highlighted key areas where joint efforts can drive mutual prosperity. Focusing on actionable strategies, this platform encouraged deeper cooperation, innovation, and policy alignment to unlock shared economic potential, shaping both nations' stronger and more prosperous future. The symposium provided insights into the potential benefits of economic reforms for Nepal's growth and development, discussed strategies for leveraging economic reforms to promote sustainability, prosperity, and job creation in Nepal, fostered collaboration and knowledge-sharing between Nepal and neighboring countries, particularly India, to maximise the impact of reforms, engaged policymakers, economists, and industry leaders in discussions on actionable steps for Nepal to align with regional economic trends and raised awareness about the role of economic reforms in shaping Nepal's future and the importance of inclusive growth for all citizens. The program witnessed active participation from senior government officials, corporate executives, academics, and media representatives. It served as a strategic forum to deliberate on practical economic reforms vital to Nepal's long-term growth and self-reliance. This impactful initiative marked a significant step forward in enriching economic dialogue, reinforcing regional cooperation, and shaping a reform-oriented path toward a more prosperous Nepal. (ANI)
New Indian Express
25-04-2025
- Business
- New Indian Express
Deregulation: Smarter, not smaller, government
Deregulation has become a new buzzword that one hears often these days with the coming in of the department of government efficiency in the US and Javier Milei in Argentina. In the Indian context, it has been mentioned in the Economic Survey. The term conjures images of slashed budgets, closed offices and a freeze on hiring. For many, it's synonymous with shrinking the state. But this narrow view misses the more nuanced purpose of deregulation—which is enhancing the efficiency of government. And that isn't always about firing people or slashing budgets and regulations. In many cases, it's about hiring the appropriate manpower, be it for capacity or to rethink processes. A key aspect driving these decisions is ensuring that taxpayer money delivers real value. At its core, deregulation seeks to strip away unnecessary rules and red tape that bog down government efficiency. The goal isn't simply a smaller government—it's a smarter and more efficient one. It's an enabler of economic activity. Take the example of the Indian Patent office, where, until very recently, it used to take years to process applications. It was primarily due to two reasons—understaffing and complicated or outdated procedures, with the former being the bigger roadblock. In a 2022 working paper, Sanjeev Sanyal and Akanksha Arora—' Why India needs to invest in its IPR ecosystem '—documented the level of understaffing in the patent office and the problems it was creating. Even after increasing manpower, we had only about 800 people in the office. Compare this with 8,125 in the US and 13,804 in China. Naturally, it took years to process the applications. In this case, any improvement could not happen without strategically investing in hiring more manpower, and on IT infrastructure and systems. The government has, in recent times, hired about 500 more people and plans to hire another 500. This was supplemented with improvement in processes. This is an example of a sector where efficiency doesn't come from cuts in budgets or manpower; rather, it requires increase in both. Similarly, the Food Safety and Standards Authority of India has been in the news for an acute staff shortage at all levels. To make matter worse, a large part of those working now were hired on contracts or on part-time basis. It must be noted that such a situation arose despite the government sanctioning 493 additional posts for the FSSAI in 2018. Can we expect the body to ensure and enforce food safety standards in the most populous country while it lacks adequate working hands? The only way is to hire more people. There are various other sectors where this holds true as well. Critics might argue that hiring more staff contradicts the ethos of deregulation, which they see with a narrow lens of downsizing government in all aspects. But that's a misreading. Deregulation isn't about ideology; it's about pragmatism. A government that can't enforce its own rules effectively—whether due to overregulation or understaffing—fails its citizens just as surely as the one that overreaches. Deregulation isn't about firing vs hiring—it's about what works. The catch is in the execution. Karthik Murlidharan, in his book Accelerating India's Development , gives another interesting example. India's anganwadi centres are staffed with just one worker who is responsible for early childhood nutrition, education, home visitation and copious administrative work. A study conducted by him and his colleagues in Tamil Nadu found that adding a half-time worker to the anganwadis to focus on early childhood education led to large gains in learning outcomes and reduction in childhood malnutrition and stunting. They estimate that the present discounted lifetime value of these benefits would be 13-21 times the cost of hiring extra workers. This is a massive return on investment by any standard. He argues that, we as a country, are forgoing these large returns by underinvesting in state capacity. When we see the state functioning around us, we can see various areas where this holds. For instance, Food Corporation of India needs strategic hiring—say, logistics experts or IT specialists who could streamline operations far more than blindly cutting jobs ever would. Public hospitals are understaffed and under-resourced. The police, who provide a key function, are severely understaffed. These are just a few areas, and the list is long. Murlidharan mentions that, contrary to popular belief, India has small government—16 public employees per 1,000 people, compared to 57 in China, 77 in the US and 111 in Brazil. Weak state capacity is a critical binding constraint on development. In India, to see policy from the binary perspective of the state or the market is not useful. It's like analysing an Indian problem with a western perspective. We neither have a well-functioning state nor market. At this stage of development, we need to strengthen both. The liberalisation of the 1990s produced more than two decades of high growth. To sustain growth and take it even higher, difficult reforms like land, labour and urban infrastructure need to be undertaken, which won't be implemented well without adequate state capacity. It's time we bring the aspect of efficiency in the deregulation conversation, rather than simply thinking of it as an expenditure or job rationalisation. Aasheerwad Dwivedi Assistant Professor (economics), Faculty of Management Studies, University of Delhi (Views are personal)
