Thursday, March 09, 2006

The pension reforms saga

India has made remarkable progress on pension reforms. We are, of course, not out of the woods yet, but where we are is quite remarkable as compared with the way the policy process meanders in many other parts of the economy. It is hence interesting to ask: How did the pension reforms get done? Are there some more general lessons which can be drawn?

A draft of a paper by Surendra Dave on India's pension reforms saga tries to address these questions. In case you didn't know, Dr. Dave was founding chairman of SEBI, he was chairman of UTI, and he headed the OASIS project which was a key element of India's pension reforms story. (Today, he is Chairman of CMIE). This paper is from a forthcoming book Case studies in economic reform, edited by S. Narayan. In case you didn't know, Dr. Narayan was finance secretary at one of the most interesting times at the Ministry of Finance. I think it's going to be a really good book.

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