Mahatma Gandhi once said, “Be the change you want to see.” After 70 years of Independence and a series of market reforms over the last few decades, India is now on a transformative path propelled by a government focused on weeding out degenerative issues and redefining the country’s outlook. It is also about time the civil society sheds the chalta hai attitude, and corporates reassess and realign their strategies to not only build personal institutions but also contribute towards the making of one of the world’s leading economic and social countries.India’s tryst with its destiny began on August 15, 1947, with the socialist theme dominating both her thought and action for the first few decades. However, the balance of payments crisis in the 1990s forced us to leave behind those influences that had emerged out of the Second World War’s legacy and open up the country for a more trade and business-friendly model.Liberalisation marked our shift to a capitalist theme, giving a boost to entrepreneurial spirits and led to the emergence of sectors that had not existed previously. An increase in the number of domestic businesses and the inflow of foreign investment saw the economy go from strength to strength.This new phase, however, was not as smooth as one would have imagined. As capital markets blossomed, driven by greed, a few market participants exploited the system. The capital markets scam in early 1990s eroded confidence, knocking them off stride for a few years. We responded much like a cat who, pushed to the wall, acts like a tiger. Our regulations and governance practices were made robust. Regulators like the RBI, Sebi and IRDA to name a few have evolved to exemplify some of the finest in the world.The present government that got the mandate in May 2014 has embarked on a journey of transforming India. It has brought in sweeping reforms covering macros and touching the lives of the lowest denominator in the economy. GST Swacch Bharat , Clean Ganga, Digital India and importantly the impetus of connecting India and Indians using Aadhaar by the government are good moves toward a better economic and inclusive society. I commend this government for initiating action to address political funding as well. No one in the past seven decades dared to address this issue.On 8/11, our government announced a surgical strike on the parallel economy that has been the bane of the economy since the past many decades. The demonetisation move was aimed at addressing the issue of black money and corruption, boosting the digital economy and curbing terrorist funding.Expansion of the digital economy and implementation of GST is pushing the envelope for bringing the informal economy into the formal fold.Several reform measures initiated by various governments over the years have created today’s India. However, an efficient financial sector in India is still a work-in-progress. We need stronger governance of the broader economy combined with maturity to respect outcomes. It is critical that the government evaluates whether it needs to be in the business of doing business, or should it be focussed on managing governance of the country? After all, a confident and fearless private enterprise is critical to India’s growth. While reforms are important, the need of the hour is a change in mindset.Corporate India plays an important part in driving the economy, and it is crucial that it maintains high governance standards and transparency. Today, the world’s big five are no longer countries but Apple, Amazon, Facebook, Microsoft and Google. When will we see such institutions being built in India? It is time to revive animal spirits for building institutions, creating new jobs and redefining our game in the global context. We have achieved significant growth over the last seven decades.However, it is time to make progress in all aspects – financial, economic, social, civic issues etc. This can only happen if the government, corporates and civil society work together to fight the evils.