Best of BS Opinion: Pending agri reform, India's GDP growth, and more

Here's a selection of Business Standard opinion pieces of the day.

When will the Indian economy bounce back? How fast will we grow in the next two years? Estimates have ricocheted between the wildly optimistic and the deeply pessimistic but rating agency Standard & Poor’s appears to think things are ticking along fine by affirming India’s rating at BBB-, a contrast with Moody's downgrade. But the management of the economy and government finances raises other challenges. In assessing various trajectories of recovery as India begins to unlock the economy, former Chief Economic Advisor Shankar Acharya warns that fiscal profligacy, and/or a resurrected licence-permit raj may make it difficult for India to grow above the 3-5 per cent range. Read it here. Other views examine the policy of self-reliance, agricultural land reforms and the decriminalisation of civil offences.

Reforming agricultural markets is critical but will take time to implement. An immediate and urgent reform is the legal validation of land leasing to give tenant farmers and share-croppers access to finance and incentivise them to invest in crop yield-enhancing measures to raise their income, says the second edit. Read it here

My column examines the limits to the concept of self-reliance as far as the Indian consumer is concerned. Read it here

The top edit says the decriminalisation of a range of civil offences should be augmented by capacity-building among regulatory and adjudication agencies to truly improve the ease of doing business climate in India. Read it here

QUOTE OF THE DAY

‘The stable outlook reflects our expectation that India's economy will recover following the containment of Covid-19 pandemic and the country will maintain its sound net external position’

Standard & Poor’s affirming India's rating at 'BBB-'