“The return of one party majoritarianism in the parliament has eased the legislation and implementation of some more economic reforms under the incumbent Government headed by Prime Minister Narendra Modi.”
On 75th Republic India sees democracy rooted at the grass roots and as such has all the rights to take pride in it’s seven and half decade long journey of parliamentary democracy during which it withstood huge tests of economic and political stability. The institutions of policy making and program implementation established with the constitutional mandates not only withstood huge challenges but also brought political and economic stability to the country over the period of years. Navigating the path to progress and prosperity under the parliamentary system of democracy derived from It’s constitution India is now fine tuning it’s economic priorities and preferences to attain the position of a five trillion economy in the world in coming years. Though attaining the position of five trillion economy in the world is far bigger a challenge than earning the name of biggest democracy of the world but the challenge won’t be too big for the country in view of it’s proven capacities to take the series of economic reforms to logical conclusions. This is not merely a perception of the people in country but this is the belief of the parliamentarians and economists of the top five economic powers of the world also. Even International financial institutions like International Monetary Fund (IMF) forecast a surge in Indian economy in coming few years. While the country carried out series of economic reforms even under the coalition governments with broader political consensus, the return of one party majoritarianism in the parliament has eased the legislation and implementation of some more economic reforms under the incumbent Government headed by Prime Minister Narendra Modi. Otherwise also the undisputed reality about India’s socio-economic transformation process is that the consensus over the economic reforms within and outside the parliament has played a key role in stabilising the economy of the country in recent years.
“In one way or the other the country draws both political and as well as economic stability from the constitutional and institutional framework of the country. So laudable is the foresight of the architects of the Constitution Of India who laid strong foundation for parliamentary system of Government that guided the successive Governments in India to set goals for economic and social transformation processes from time to time.”
The series of economic reforms carried out by the incumbent government under the leadership of Prime Minister Narendra Modi were also implemented with a broader consensus among the political parties inside the parliament. The biggest economic reform of the incumbent Modi led BJP Government was the introduction of GST a new tax regime and it’s implementation with consensus besides privatisation of several public sector undertakings (PSUs) of the service sector boosted the core sectors of economy in the country. In one way or the other the country draws both political and as well as economic stability from the constitutional and institutional framework of the country. So laudable is the foresight of the architects of the Constitution Of India who laid strong foundation for parliamentary system of Government that guided the successive Governments in India to set goals for economic and social transformation processes from time to time.
