Good on big picture/macro, but brushes over many structural issues, like cronyism, red tape, infrastructure, etc. as others point out.



In order to unleash India's potential over the long-term, as opposed to short-term tinkering with the policy variables, need to breakdown old institutions and priveleges and build a world class institutional and legal framework where enterprise can thrive. Also need to address poverty, education, etc. to leverage tremendous human capital, but this addresses a millennia old social system that oppresses many and gives tremendous privelege to the few. By building modern institutions and a legal framework that address these problems at their root, this cuts out the heart of many of the structural factors that are holding India back. The transition will be difficult as current elites fight back, and results won't occur overnight, but the longer term benefits will compound.



So yes, pulling the macro levers and reforming at the margin, but a larger vision of India over the long-term.



Also, as with other emerging markets, India's fate still remains tied to developments in the overlevered core.



The manic depressive reaction to sports and economics is universal, although India may be more volatile because of the structural deficiencies and global dependencies. Bull markets/booms paper over a myriad of deficiencies, and everyone's a genius, but as the tide turns, the cracks are revealed and under pressure the structure fails.



The ground is shifting, and we're still in the early innings of this phase of the crisis. The volatility of India's macro variables uncovers underlying structural weaknesses and dependence on the global core. As with a good sporting match, depending on how things play out in coming quarters and years, Governor Rajan willl either look like a genius or a dunce.