The “weak near term for a strong long-term” view of the Indian economy is now consensus. Structural changes such as millions of workers forced away from agriculture, goods and services tax (GST), Bankruptcy Code implementation and RERA (Real Estate Regulatory Authority) disrupt age-old business norms, drive a much-needed and delayed systemic clean-up, and establish new, more efficient rules. Parallels to a house under renovation are now clearly visible: The noise and dust, the absence of usual comforts, and the not infrequent worry if all this discomfort will be worth it and things will indeed normalise.
Investors and voters alike appear willing
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