Expectedly, issues such as reducing government control in the financial sector and regulatory reform fall in the last lap. Hence, the committee has suggested building more acceptance of these reforms through a mix of debate and experimentation.

Cleaning up, step by step

Low-hanging fruit

•Unique national ID and no-frills savings account for all households

• Financial ombudsman

• Scrapping STT, allowing FIIs in currency & interest rate derivatives

Technically simple but difficult to implement

• Monetary policy that focuses only on inflation

• Freeing bank branching

• Full capital account liberalisation

Technically difficult & politically controversial

• Reducing govt control in financial sector institutions

• Reforms of the regulatory framework