Trust in generation next

New year could see revival of more pluralistic institutions.

loan waivers, farm waivers, farm loan waivers, niti aayog, new year, new year 2019, 2019, rbi — Some economic reformers want the PDS to be abolished and a direct benefits transfer system introduced. The poorest Indian values his ration card and voter ID the most. (File)

The results of the assembly elections are out. The winners should stand by their promises. The right to vote, as many surveys and studies have shown, is something precious. The average Indian does not forgive those who make promises and then forget them. One of the institutions I was associated with did a small sample study on the things that the poor value the most. Some economic reformers want the PDS to be abolished and a direct benefits transfer system introduced. The poorest Indian values his ration card and voter ID the most. “The elected representatives have to come to us, even though that might be once in five years,” many said. This gives people a sense of power. The power of the ration card is also obvious.

There is no doubt that reforms are part of the long-term solution but providing employment and affordable food is the imminent necessity. So the winners of the assembly elections better perform on that score. The Niti Aayog has counselled against loan waivers and has instead called for a high growth rate and widespread agricultural and rural growth. We said the same thing. Like the Niti Aayog we don’t have resource allocation powers; the finance ministry — as well as its former official in the Central Bank — has consistently ignored good professional advice.