Ahluwalia Calls for New Wave of Economic Reforms!

Former Planning Commission Deputy Chairman Montek Singh Ahluwalia stated that many people still wish to see economic reforms similar to those introduced by former Prime Ministers P. V. Narasimha Rao and Dr. Manmohan Singh. He recalled how, in 1991’s challenging circumstances, they took bold decisions and opened India’s doors to global opportunities after decades of isolation. Although the present situation is not as difficult, India now faces two major challenges—removing domestic barriers to growth and adapting to a rapidly changing global economic landscape.

Speaking at the 4th BPR Vithal Memorial Lecture organized by the Centre for Economic and Social Studies (CESS) in Hyderabad, he delivered his keynote address via a webinar from Delhi. Ahluwalia explained that India’s current 6.5% growth rate is the direct outcome of reforms carried out over the last two decades, making India one of the fastest-growing major economies in the world. However, he stressed that achieving the “Viksit Bharat 2047” vision requires at least 8–9% growth, and the government must intensify its efforts to reach that target.

He pointed out that fast-changing global dynamics—including geopolitics, international trade, and climate change—are significantly influencing policy-making. He emphasized the need for higher investment in education, health, research, and defense. Ahluwalia appreciated the Union Government’s initiatives to reduce fiscal deficit. He also noted that while cities like Hyderabad in Telangana and Bengaluru in Karnataka have grown rapidly, other regions in these states have not witnessed similar development. The event was attended by former RBI Governor Duvvuri Subbarao, and Padma Shri awardee Prof. K. L. Krishna was honored during the program.