At a time when the economy is under pressure and is on the downslide - due to slowing economic growth, burgeoning fiscal account deficit and upward inflation, the last thing the country needs is uncertainty in the Finance Ministry. Pranab Mukherjee leaves behind a number of reforms in the field of taxation to his successor. The need of the hour is a shot in the arm of reforms to put the Indian economy back on track.
There is a real concern that if a man of Mukherjee's status, who is generally viewed as a consensus man couldn't push ahead with the reforms, it would be very difficult for his successor to do the same. There are still a number of reforms pending in sectors such as banking, insurance and pension including FDI in multi-brand retail. FDI in multi-brand retail was swept under the carpet at least for the time being mainly due to pressure from UPA coalition partners. The latest to be sidelined were pension reforms because of the Trinamool Congress.
With differences between Trinamool Congress and the rest of UPA on the Presidential Candidate, it will be interesting to see how to reforms go.