Reaching for the panic button may still be a long way off, yet no one can deny the bursting of the bubble of euphoria that had been blown over affairs economic. That the Prime Minister has directed a series of meetings to arrest a palpable slow-down, and the finance minister has initiated the process, confirms that the government is concerned (belatedly, its critics would insist) and not just because 2019 is beginning to show up on the political radar.

While, rightly, have no details been disclosed about the first meeting which Arun Jaitley had with ministerial colleagues and senior officials, reports suggest it covered a wide range of areas in which performance has not lived up to expectations ~ the sluggish growth rate, the somewhat comatose manufacturing sector, failure to boost employment which has positive “triggers”, disappointing exports, limited spending on infrastructure etc.

Hence many an expert eye will remain focused on the kind of recovery-blueprint that will be presented to Narendra Modi: more importantly on how efficiently and speedily it can be translated into ground realities.

The experts may have their own recipes for recovery, that will be known only after the revival-plan is launched, yet there is unanimity on the need for a “kickstart” ~ the time for promises are over and done with, the various indices need to reflect forward movement. The report of SBI Research is an indictment that cannot be wished away. A section of economists would hope that the government would switch priorities from “style” to “substance” and not place top priority on moves that might yield short-term political dividends.

Others wonder if the present lull is the result of the government making too many moves at the same time, and without ironing out the creases in one before moving on to another. They would contend that demonetisation, implementation of the GST regime, drive towards a less-cash economy, early presentation of the budget, and merger of the railway and general budget (there is also talk of re-fixing the schedule of the financial year), plans to heavily disinvest in Air-India … were more headlinehunting than solid “reform”.

The dismantling of the Planning Commission and replacing it with Niti Aayog has proved no magic wand, changes at its top have added to the complications.

And the drive against economic offenders has a distinct political flavour. Another set of experts maintain that as long as agricultural distress persists the economy will remain bogged down ~a nd that no breakthrough on that front has been noted. It had been hoped that in the recent Cabinet reshuffle Krishi Bhawan would have been injected with dynamism.

The appointment of Nirmala Sitharaman as defence minister may have catered to Jai Jawan; the kisan still awaits his Jai and wonders when achhe din will dawn.