Firstpost spoke to several economists on what lies ahead and their prescriptions are clear: fiscal consolidation, energy pricing reforms, and rationalisation of subsidies.
Indranil Pan, chief economist of Kotak Mahindra Bank, told Editor-in-Chief R Jagannathan that his key prescriptions include moving towards diesel deregulation, and merging the MGNREGA (or NREGA) employment guarantee scheme and food subsidies into one composite, since the NREGA's "Keynesian" approach has outlived its utility.
According to Pan, it would be worthwhile checking if NREGA can be "subsumed" in the wider food security plan where the scheme can be used to build assets for the food security infrastructure.
Watch the whole Firstpost interview here.
Updated Date: Jan 21, 2015 12:00 PM