Did the economic liberalization pay off for India?

I was in a very interesting meeting recently with the CEO of the worlds largest medical devices company visiting India after a gap of 5 years. The first thing he asked me was how despite the growth, there seemed no improvement in public infrastructure and city development. A very herculean task, yet this is a question, the answer to which, we need to be able to not only field, but satisfactorily eliminate. Remember the then Finance Minister MMS, announcing policies of economic liberalization on TV. I was so young that apart from a feeling of apprehension at the sound of such a complicated word, manifest with possibilities, there was nothing else I could think could happen, to drastically change the insipid economy of the times we were born into. Interestingly, decades later, I read an early morning  Business Standard  where Analysts were calling for another round of liberalization of the Indian economy. Economic reforms to liberalize "sectors like education, agriculture, health care and in adoption of modern technology".  So therefore are we at the brink of a second generation of reforms? This would require liberalization  of  our insurance, banking and retail, strengthening of infrastructure, streamlining of the legal system, removal of corruption, improvement of the public delivery system and creation of credible social infrastructure. There is no moving ahead credibly if these issues remain a part of the daily life in India. 

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