Reform wholesale

Now that the industry ministry has finally come up with some sensible rules for foreign investment in the retail sector, and the government appears to have the numbers to secure Parliament's approval for a higher FDI cap of 49 per cent in insurance, policymaking appears to have a greater sense of purpose than it did a year ago. In this period, roughly coinciding with the return of P. Chidambaram to the finance ministry, the government has come up with a Cabinet Committee on Investment, which has managed to clear stalled projects worth Rs 1.6 lakh crore of the total of Rs 7.5 lakh crore that have been stuck.

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