Land reforms are at the forefront of economic discussions in India, with Bibek Debroy emphasizing the need for change during a recent lecture in Pune. Debroy, the Hon’ble Chancellor of Gokhale Institute of Politics and Economics, highlighted the strong vested interests in the land market that contribute to corruption. He stressed the importance of converting agricultural land for other uses and called for significant reforms in this area.
The event, held at the Kale Auditorium at Gokhale Institute, also saw a Memorandum of Understanding signed between GIPE and the Bhandarkar Oriental Research Institute (BORI). Under this agreement, undergraduate students at GIPE will have the opportunity to take a course on Indian knowledge systems through BORI’s digital platform.
Debroy emphasized the role of states in driving economic growth, noting that about 95-97% of GDP growth is determined by individual states. He urged for more attention to be paid to state budgets and finances, highlighting the importance of decentralization and devolution within state governments.
The focus on reforms in India has shifted from product markets to factor markets, including land, labor, and capital. Debroy highlighted the challenge of balancing government expenditures with limited revenues, stressing the importance of eliminating discretion to reduce corruption.
Sudhir Vaishampayan, Secretary of BORI, expressed excitement about the MoU and the reach of IKS courses through the Bharat Vidya Digital Platform. The platform has attracted students from 30 different countries, showcasing the global interest in Indian knowledge systems.
Overall, the discussions at the lecture underscored the need for comprehensive reforms in the land market and broader economic policies to drive sustainable growth in India.
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