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The buck stops here

DNMUM437409 | 6/10/2019 | Author : K R Sudhaman | WC :1651

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The new finance minister should address farm distress, jobs, NBFC crisis and bank NPAs on priority. She should enable banks to raise long-term deposits to lend to infrastructure and build consensus for land and labour reforms
All is not well with the economy as unemployment has mounted and farm distress widened, with drought looming large in a year of difficult fiscal situation. It’s not going to be easy and no quick fix solution is available to the new finance minister Nirmala Sitharaman.
Sitharaman, who presents her maiden Budget on July 5, will have to avoid hasty and disruptive steps as there is no magic wand to speed up economic growth, which can pick up only gradually.
In 1991 when the government had no choice but to embark on major economic reforms, it was done in a non-disruptive and gradual manner, according to renowned economist C Rangarajan. The then Prime Minister Narasimha Rao had the deftness to sell reforms to old guards in the Congress
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