Next-generation reforms will help transform India into a developed nation: Sanyal

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Mint. These next-generation reforms will go alongside India's aspirational goal of establishing the rupee as a stable currency over the next decade, helping internalize its usage, besides enhancing its global acceptance as a payment mode. Additionally, the bureaucracy must keep pace and meet the demands of the 21st century, Sanyal said, adding that the other major area for reforms would be the legal processes.

“The Judiciary has to take the lead. Enforcement of contract, delivery of justice, and so on, has to be brought to cater to the 21st century." "The third major area is the need to look at intra-city infrastructure after strengthening inter-city infrastructure. We are already doing it in metros, but we need to look at aspects such as waste management, upgrading our public spaces, and heritage conservation," he said.

According to Sanyal, aspiring to establish the rupee as a hard currency is not about de-dollarization, but rather about enhancing its global acceptance. "We should aspire for other countries to keep their forex reserves in our assets like Indian government securities, and to become a part of the International Monetary Fund (IMF)'s special drawing rights (SDR) basket." "The first obvious step is that we should be seen as a responsible monetary system. For that, we already have a track record for the last eight years of an inflation-targeting framework, which has worked well.

We have demonstrated to the world that we can control inflation in a narrow band." "In the post-covid period, we have done better than most other countries, including developed nations, in terms of controlling inflation. Now we are building out the wider international use of the Indian rupee," Sanyal said. Incidentally, the Indian