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Will it be just one last time, as the PTI’s top leadership keeps asserting?
Failures in the past are attributable to a lukewarm approach to
reforming the structure of the economy. Tax reform, regulatory
competence, energy rationalisation, restructuring of public enterprise,
State Bank autonomy, and good economic governance through civil
service reform — the list goes on and on. Once the immediate crisis
shows signs of subsiding, as it has in the rupee’s gain and rising share
prices, and will in the form of lower fiscal and current deficits and
higher reserves, the zeal to pursue reform weakens. Seeking waivers,
exceptions and sheer intransigence becomes the order of the day. The
PTI government claims that it is serious about reform. By the time of
the next budget, we will know whether a great leap forward has
happened and the country is finally off the beaten path.