The big reform buzz

If you have been listening with care, the air is rich with a freewheeling conversation. Economic reform is now at the centre of national debate, and all kinds of forums are giving it depth by chiselling the argument from every angle. As economist Jagdish Bhagwati said at the book release of Finance Minister P. Chidambaram8217;s book, A View From the Outside: Why Good Economics Works for Everyone, we don8217;t know how many jobs economic growth will generate. What we do know is that without economic growth, no jobs will be generated. Chidambaram added to that an explanation of his sub-title, saying good economics works for different times, and it falls upon good politics to moderate when any section of society feels it is being left behind. In a television interview earlier, former Supreme Court chief justice, Y.K. Sabharwal, iterated that to give confidence to investors, the judiciary must not keep cases pending for too long.

The consequence is many-layered. As issues of economic reform move from ideological confrontation to analyses of specifics, questions are being reframed. On SEZs, for instance. Economist Raghuram Rajan, at the same book release, pointed out that the issue is not one of displacement per se. It is about getting the right price for land. Similarly, he said, economic reform looks different from different perspectives. Opening access to higher education to disprivileged sections is inducing great anxiety among the middle classes. But a politics with its ears to the ground can reflect the views of the silent majority, and adhere education policy to issues of equity. The case is similar with pricing of agricultural commodities or pension reform.

But the point is, for good politics 8212; the kind that moderates good economics 8212; to be forged, wider, informed debates have to be reflected in policy-making. And a national conversation has to be sustained. SEZs and affirmative action have gained prominence because of a very contentious politics. But now that our Big Conversation has begun, the initiative must be more speedily seized, without a prod from street politics. The incentive? As a country, we are also becoming good listeners.