Things have never looked better for the ruling combine. The primary political opposition has been scattered, leaving no credible challenger on the national stage. The economy has never been better since 2011 or so, with a recovery clearly on the cards. It may be a weak recovery, but the combination of improved corporate results (if we set aside the banks, that is) and the prospect of a good monsoon have sent the stock market soaring — though still not to the levels that prevailed a year ago. If the government wanted to seize the moment and push for the changes that would deliver faster growth, now would be a better time than any. The economy can bear the shocks of change, and there is enough political space for the government to take calculated risks. That is why it is so disappointing to read the comments by the prime minister — who seems to have turned his face away from the business of introducing serious reform.
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