For an irrationally exuberant market yearning to look up, the politically-untenable legislative reforms proposals that climaxed after 40 months and changing partners may be good enough to deliver a 1,000-point Sensex return. For international rating agencies that have a lower fiscal tolerance for emerging economies, the word ‘reforms’ may push their fingers away from the downgrade button, bringing short-term relief to the rupee and keep global investors happy.