Lucknow: As the government announced a slew of measures to curtail the domestic economic slowdown, Professor Arvind Mohan said that 'second generation reforms' needs to be initiated.
Speaking to ETV Bharat, Arvind Mohan, Professor of Economics, claimed that interventions are not being made in terms of 'second generation reforms' to address the domestic slowdown.
"All stakeholders including the Union government and the private sector need to set an agenda and find a road map to take the economy forward," Arvind Mohan said.
Further, he said that government needs to find a road map and also the possible areas of intervention.
Talking about the engines of Indian economy, Mohan said that rural development including agriculture and human development including health and education needs to be unleashed to overcome the recession.
According to him, the global economic scenario will impact the Indian economy much more than previous years.
"As compared to 2008-09 the fundamentals of Indian economy are not as strong," he opined.
Second generation reforms, coined by International Monetary Fund (IMF) is a continuation of economic reforms and liberalisation initiated by a country. Such set of reforms are intended to create a level playing field for all sectors, to 'accelerate' globalisation with sound macroeconomic policies and freshen up the reforms introduced in 1991.
The IMF intended that second generation reform would supplement basic reform enough to allow countries to compete more successfully in global markets.
Read: Home, vehicle, other retail loans to become cheaper: Finance Minister
