Budget 2024: To maximise gains, GoI must ensure that the reforms pursued aren’t left to gather dust
reform' has an interesting backstory. Originating from the Latin 'reformare' — 'to form again' — it essentially means giving things a makeover. It entered English through Old French in the 14th c, initially focused on moral and religious matters, and took the spotlight during the 16th c. Protestant Reformation. Nowadays, 'reform' is our go-to for fixing political, economic, social and educational systems because things break, get outdated or just mess up.
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But reforms are like diet plans of the political world — announced with great fanfare, often misunderstood and rarely followed through. Governments wield 'reform' as a magic wand capable of solving problems overnight. They pledge to transform bloated bureaucracies and inefficiencies. Yet, they frequently falter under political pressure and public resistance, leaving us with nothing more than a fleeting sense of optimism.
The path to genuine change is paved with good intentions, political grandstanding and occasional bouts of institutional inertia. Reform is easier said than done. Countries tend toward incremental and deep reforms rather than dramatic, big-bang changes.
This budget unmistakably signals GoI's commitment to transformative economic reforms. The proposed policy framework aims to boost employment and sustain robust and resilient economic growth. GoI will also incentivise reforms to improve productivity of
