The promised 'change' that the people who voted for his BJP-led NDA are pining for, perhaps too early, may not be forthcoming any day too soon in a context of a scheme of radical restructuring of society as a whole, over the medium to long term, that Prime Minister Modi seems to be having in view.

Ideas on reforms, for immediate realisations or of structural nature, are still inchoate, as reflected somewhat in the first NDA Budget. Whatever plans, like 'Smart Cities' and industrial corridors, that are being unfolded in grandeur would need external financing. Understandably, most schemes are not deadlined.

Mr Modi may have partly succeeded, by his inspiring speech in extempore, in dispelling a certain disenchantment that had set in, even among the 31 per cent of voters who put BJP in power, mainly the aspiring middle class and embracing businessmen, whose enthusiasm for the PM, however, is yet to be reflected in signs of investment revival. Nor the most worrisome persisting inflation has eased to an extent that opens space for monetary easing within weeks.

Rising above such immediate concerns, the Prime Minister set the nation's sights on a higher pitch - work ethics, communal harmony, skills and jobs in manufacturing, India products for world markets, 'Swachch Bharat 2019' and universalisation of access to financial services for the rural poor and unbanked centres, all designed to make growth inclusive and sustainable.

Meanwhile, it would seem, for the interim, the best options are to build on, revise where necessary, and effectively deliver on most inherited economic policies. However flawed in execution by UPA barring its fiscal and current account deficit corrections, these policies should help toward strengthening macro-economic stability.

Nearly 90 days into office, NDA record is not totally barren with its string of announcements and legislation in regard to higher caps for FDI in insurance (earlier promoted by UPA but blocked by BJP), defence equipment, railways and in infrastructure and services. Finance Minister Mr Arun Jaitley had in his budget provided for greater private participation for investment in infrastructure trusts, including real estate.

Mr Jaitley is also trying to make 'doing business' in India less vexatious. But he cannot go the whole log like withdrawal of retrospective taxation which MNCs would desire and embark on subsidy cuts etc which would make his fiscal deficit target more credible than viewed at present.

The Public-Private mechanism, already proposed in several sectors of development, besides infrastructure, is yet to make headway in India. Development strategy in India has come to rely on private sector infusion of capital and innovative enterprise, both domestic and foreign. There is no great enthusiasm in evidence across the world though for foreign investors, India still remains potentially the biggest domestic market.

While FIIs continue to invest in equity market riding high with expectations of more positive developments in the offing, foreign direct investment flows are not likely to materialise in substantial terms for a length of time it takes to put India's economic house in order. Certain domestic indicators like industrial output, other than consumer (notably food) prices, signal a semblance of recovery, but the growth slowdown is not fully overcome, as would be seen when the economic data and growth in the first half of fiscal 2015 become available.

India's growth story will not begin to shine until a great deal of unfinished business including so-called second generation reforms get tackled credibly. Some improvements in infrastructure, quicker clearances of projects and speedy implementation, greater assurance on holding the fiscal deficit along with progress in revenue augmentation, tax and non-tax, and resolving land and labour issues (now that Government wants also to revive Special Economic Zones) have become pre-requisites for hitting the GDP growth target above 5.5 per cent in the current year.

Subsidy reduction and tax reforms (GST in particular) will hopefully form part of the next budget in February 2015, when the Commission headed by Dr Bimal Jalan presents an interim report. Meanwhile, the Government would be in possession of the 14th Finance Commission Report on devolution of Central finances for the five-year period 2015-2020. It would also involve major budgetary implications.

The Prime Minister had talked of the added importance of the federal structure (now that BJP is in power at the Centre as well as in several States) 'than it was in the last 60 years'. Mr Modi has used his Red Fort speech to announce the dissolution of the Planning Commission, first set up in 1950, and regarded as a Nehruvian legacy, perhaps expecting it to be welcomed as a major structural reform of his Government.

That the Planning Commission, whatever its role and failings, would no longer continue as constituted and was found to have become unwieldy was a known factor. The question remained as to what kind of a leaner substitute would take its place with a clearly re-defined role and functions to get results from policies enunciated by the Centre and states on consensual basis.

Mr Modi's reasons for its abolition are changes in the 'internal situation and global environment' and the need to take States forward to strengthen India's federal structure. Although the Commission had functioned over the years as a body designed to advance the development thrusts of both the Centre and the States, there were occasions for some States feeling a sense of neglect and also dissatisfaction in the matter of determining plan size and financial allocations.

The Modi Government prefers, from his speech, a new institution of 'creative thinking and for optimum utilisation of youth capacity' and a public-private partnership model, which would also strengthen federalism. How nebulous ideas and motivations for a changing polity get beaten into concrete terms of reference for the new body by the PMO should be known in the coming days.

It seems that the Chinese model of National Development and Reforms Commission seems to hold an appeal in the inner circle of the Prime Minister, who may be its Chairman as well. No doubt our Prime Minister is no less powerful than the Chinese President Xi Jinping over their respective realms. (IPA Service)