UPA-II wakes up, but these are not big-bang reforms

The series of reforms announced at the end of last week have been widely welcomed as a way of, primarily, lifting the India growth story out of the gloom to which it had been consigned by the United Progressive Alliance’s (UPA’s) bumbling inaction for the past year and more. Reactions from the foreign press and some foreign investors have overstated the measures’ impact, but also show that they might have served their purpose in averting a catastrophic loss of confidence and a ratings downgrade.

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