10 key reforms for new government (To go with: Economic revival must top new government agenda: Industry)

- Start process of fiscal consolidation by taking steps that include subsidy rationalisation;

- Improve investment climate by easing both the cost of doing business and policies;

- Tame inflation without compromising on growth with supply-side interventions;

- Initiate measures on war footing that can revive manufacturing;

- Ease both the flow and the cost of credit to industry;

- Put key legislations in place to lift investor mood, like pan-India goods and services tax, banking, pension and insurance reforms, direct tax code;

- Pursue divestment aggressively;

- Ease norms that govern handing over key resources, like coal, spectrum and land, to industry;

- Ease key clearances for businesses, notably on environment and other procedural issues;

- Define clearly the role of regulators, including the Reserve Bank of India, with prudent oversight that is based on trust.