There is no better proof of the rising global confidence in India’s economic success story than the Sensex breaching the 20,000 mark. In fact, market observers are already anticipating the 40,000 mark for Sensex and at least one observer has predicted that we may actually see it reaching the 100,000 level in our lifetime.

It is entirely justifiable to credit this astounding rise to India’s emergence as the hottest investment destination worldwide. However, we must also acknowledge the role played by a succession of sensible economic policies, beginning with the economic reforms initiated by Manmohan Singh in 1991, in making India the most talked about country in global business circles. Quite aptly, this historic rise comes at a time when the original team that brought economic reforms to India is at the helm of affairs.

The positive signs are difficult to miss even outside the stock exchanges. Jobs are aplenty today and nobody talks about unemployment anymore. We are now concerned about manpower shortage in a few high-growth industries like IT and retail.

For a brief while, inflation was a cause for concern, but suitable measures ensured that it has been brought down to normalcy. Infrastructure used to be a neglected area, but now the government is going all out to fund new infrastructure projects by inviting investment from domestic and global private investors.

The question is: how can we amplify this phase of growth further? Despite the reform measures initiated years ago, investors are still caught up in the ‘red tape’ of bureaucracy in India. With regard to the bureaucratic and legal hurdles for ‘starting a business’, India is ranked 111th in the cost of Doing Business Index prepared by the World Bank. It is high time we reformed our bureaucracy on professional lines.

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