The RBI governor is likely to find a way to transfer the right amount of money to help the government meet its fiscal targets.
Long-term reform requires a vision and the willingness of the government and the new RBI Governor to risk political capital.
The rupee's current rout can be seen more as an overdue recalibration than a flash in the pan.
India may soon come to regret not setting up a resolution regime after the 2008 crisis as many nations did.
The pessimist will argue that demonetisation and GST have caused waves of layoffs in the informal sector, but there are arguments by the optimistic, that complex structure of tax has created jobs in formal sector.
RBI’s supervisory capacity needs strengthening — including better training, more specialization and longer tenures for officials, among other measures that the bank itself has recommended.