In this analysis, Dr. Jayaprakash Narayan evaluates the successes and shortcomings of India’s economic reforms. While acknowledging improved growth rates and consumer benefits, Narayan points out the unease among Indians due to unfulfilled potential and persistent fiscal deficits. He argues for a focus on infrastructure, skills development, and direct public services to sustain growth. The piece highlights the need for a shift from capital market-focused reforms to building a robust industrial economy and addressing governance issues to support sustainable growth.