Reforms a legacy of the past, balance in narrative is important, says Anand Sharma

Anand Sharma, Member of Parliament and Deputy Leader of Opposition in Rajya Sabha, in a special session with an Opposition Leader at the 89th AGM of FICCI, said that reforms need to be an ongoing process and this started way back in 1950s with Mr. Jawaharlal Nehru and Mrs. Indira Gandhi, which was carried forward by Mr. Rajiv Gandhi.

It was in their tenures that the major reforms in India's manufacturing, services particularly the IT & communications, telecom were announced. It was under the able leadership of Mr. Rajiv Gandhi that India saw the first big revolution in IT.

Mr. Sharma stressed that reform in any nation has to be looked at from a holistic standpoint. Reform needs to encompass social, economic, judicial and administrative areas. He said that the captains of the Indian industry should be the first channel to take the reform process forward.

Mr. Sharma highlighted the prowess of the Indian industry under the UPA government and the state of economy when it relinquished office. He pointed that it was under that government that GDP of India rose from US$ 480 billion to over US$ 2.1 trillion in a span of 10 years. This, he mentioned, was a remarkable achievement which only some countries of the world were able to achieve.

It was under the UPA government that policies such as RTI, Money Laundering Act and Whistle Blower Bill were launched. The Insurance Bill which was pending for seven years because of the then opposition government and it was only under the UPA government that it was passed.

Speaking on demonetization, Mr. Sharma said that any government decision has to be well thought out. Quoting the Father of Nation, he said that the reform should be for the poorest of poor. He stressed that no government has a legal right to demonetize a currency. The same needs to be done by passing a law and not by a dictat.

Mr. Sharma said that the whole act of demonetization of currency is giving wrong signals to the global market and it is appearing as if the whole Indian economy was based on black money. All this has led to disruption in weekly wages, slower economic growth, and a perpetual shut down of the Indian industry.

Mr. Sharma urged that the government in power needs to maintain a balance before issuing any narrative and for a good governance, it is important to have a responsible opposition.