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The Economic Survey forecasts that the next financial year will see a rebound in economic growth. GDP is expected to grow between 6% and 6.5%, higher than the 5% expected in the current year. Of course, risks to the forecast abound. But the Survey believes that NDA government has the political mandate to carry out big reforms quickly. On this point, the Survey is correct. No other prime minister in recent times has enjoyed the credibility that PM Narendra Modi does. The key question is: Does his government have a cogent plan to put the economy in another trajectory and rescue it from its current slump? A part of the Survey, which is prepared by the finance ministry, highlights the many mistakes in government policy. Most of these mistakes are inherent to the current government’'s approach. The Survey makes a compelling case for a policy approach friendlier to markets. It also points out that long standing laws probably contribute to market failures rather than address them. Laws such as the Essential Commodities Act are an anachronism today. Separately, poorly designed agricultural policies are exacerbating price swings and increasing farmer's’ risks. Agriculture needs a new deal.

The Survey wants to reorient policy to capture the potential offered by global value chains and the shifting of production lines out of China. It also debunks myths about the negative impact of free trade agreements on India. Unfortunately, India’'s recent policies have run counter to what’s needed to grab available opportunities. Import substitution and a degree of insularity mark trade policy. They are counterproductive. The Survey’'s most important takeaway is a set of arguments which call for greater market orientation and smarter government intervention. Today’'s Budget should offer a glimpse into whether the government is contemplating any change of track and could move to a more reformist path.

Government may have made many mistakes. Which one is one among them?

A) Unfriendly market approach

B) Unfriendly people approach

C) Unfriendly constitutional, approach

D) Unfriendly social approach