India, Pune: FLAME University hosted a distinguished public lecture by Mr. Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister (EAC-PM), on the topic ‘Process Reforms: Big Impact from Small Changes’.
Discussions on economic reforms often emphasise large-scale structural changes, such as those initiated during India’s economic liberalisation in 1991. However, there’s a less acknowledged category called ‘process reforms,’ which are microeconomic, sector-specific improvements aiming to simplify and enhance operational efficiency. Unlike structural reforms, process reforms don’t overhaul the overall economic framework but focus on making existing systems work better. The public lecture addressed the oversight of process reforms in economic literature and highlighted their potential for significant positive impact, showcasing how small, targeted changes can lead to notable improvements in economic performance.
Speaking at the event was Prof. Dishan Kamdar, Vice-Chancellor, of FLAME University, who said, “At FLAME University, our unwavering commitment is to cultivate an ecosystem of creating and sharing knowledge through the exchange of thoughts and ideas by inviting distinguished subject experts and dynamic leaders from all walks of life through specially curated events. It is our privilege to welcome Mr. Sanjeev Sanyal to FLAME University as the esteemed speaker for the lecture on ‘Process Reforms: Big Impact from Small Changes’. Mr. Sanyal, recognized for his expertise in urban dynamics and honoured with the Eisenhower Fellowship in 2007, brings over two decades of experience in financial markets, earning the title of Young Global Leader by the World Economic Forum in Davos. His talk focuses on process reforms, aiming to simplify and streamline operational processes, ultimately enhancing the efficiency of specific activities within an individual sector or issue.”
Speaking about the topic, Mr. Sanjeev Sanyal said, “In India, the initiation of structural reforms dates back to the liberalisation efforts of 1991. Conversely, a less acknowledged realm of reforms exists known as ‘process reforms’. These reforms are nuts-and-bolts reforms, often microeconomic in nature, with a specific focus on an individual sector or issue. This category constitutes the focus of my public lecture here.”
Mr. Sanyal was the Principal Economic Adviser to the Finance Minister for five years until February 2022 and the Co-Chair of the G20’s Framework Working Group. Before joining the government, he spent over two decades in financial markets and was the Global Strategist and Managing Director at Deutsche Bank. An alumnus of Shri Ram College of Commerce, Delhi, Mr. Sanyal later attended Oxford University as a Rhodes Scholar. He was awarded the Eisenhower Fellowship in 2007 for his work on urban dynamics. In 2010, he was named a Young Global Leader by the World Economic Forum in Davos. He is the author of several best-selling books, including Land of the Seven Rivers, The Ocean of Churn, India in the Age of Ideas, and the Indian Renaissance. He has also published over two hundred articles and columns in leading national and international publications.
Also sharing his thoughts was Prof. Yugank Goyal, Faculty of Public Policy, FLAME University, who said, “It is important for public policy researchers to begin paying attention to ‘process reforms’ which Mr. Sanyal highlights. Even with small interventions, significant gains can be made for ‘ease of living’ for many people. The researcher needs to be precise in identifying and excavating the policy bottlenecks and resolving them.”