Of course, some impressive moves have also been made lately on the margin. But it’s time for the Centre to offer clarity on the extent of its embrace of market logic. Mixed signals are not the stuff of conviction reforms

Has the rollback of farm laws endangered economic reforms per se? Even if it was just a tactical retreat in the face of stiff resistance, the hypothesis that our full-majority government can achieve what India needs has grown doubtful. The Narendra Modi administration had projected itself as reformist by conviction, and its capacity to convince people was also seen as a major asset, but this has only amplified the let-down of the farm episode.

Meanwhile, even as tech and other challenges loom, time is running out for the Centre to meet this year's disinvestment target, our bankruptcy code is yet to yield asset-rotation efficiency and the country's inflation-control regime has begun to look wobbly. The GST system, brought in with much fanfare, needs rework for its promise as an output booster to be met. Taxation overall is crying out for fixes. Covid was disruptive, sure, but our thrust for self-reliance has spelt a rising role of the state in economic affairs. Of course, some impressive moves have also been made lately on the margin. But it's time for the Centre to offer clarity on the extent of its embrace of market logic. Mixed signals are not the stuff of conviction reforms.