What reforms are we talking about?  A government which is truly reforming first of all sets up the institutional/judicial/regulatory infrastructure beforehand instead of making investors run from pillar to post. Imagine an economic activity as a football match and if red/yellow cards/free kicks/penalties are given out five years after the world cup! So before we start a football match the rules of the game, the umpires, and the pitch all should be ready.  Indians are doing so well in all rule of law countries where there is fast judicial, regulatory, institutional decision making be they in per capita income, education, low crime rates and family break downs but their talent has very little window of opportunity in India because every institutional framework is so ad hoc designed to wreak duress and please the feudal minds of the Indian “Uncivil Service” and their babus. To overcome this duress people pay bribes which in turn give rise to our so called underground GDP/black money losing the government taxes and us a salvation in the here-after.  We take drugs to get over our guilt. Now forget about all this and think how much is at stake because of our third world judicial/regulatory/institutional deformities. Examples Lavasa construction begins& then stops, Vedanta construction begins& then production stops, land acquisition in Noida begins& then stops like our power outage/power cut in India or like our water departments rusty hand pumps/water taps -always ad hoc. Even the Income Tax tribunals have about Rs.50, 000 crores of tax matters pending, the cost over runs in government projects alone is about Rs.52, 000 crores, our underground GDP (non- taxed goods & services) is about $1 trillion, untaxed capital with the British & Swiss tax havens is about $500 billion, the value of the encroached land may be another $500 billion! What reforms are we talking about? About 30% of all social security benefits are stolen by corrupt babus and about 30% of fruits, vegetables and grains are destroyed even before they reach the kitchens in India!

“Indian Budget 2012 neglected the deadly lynches in Economy, namely- fiscal deficit, inflation and government expenditure”.