In less than 24 hours the Indian Government announced more measures to liberalise the economy than it has done in the last 8 years. So, why now? This was aimed at reviving flagging economic growth and avoiding a credit rating downgrade to sub-investment (or "junk") status if the fiscal deficit is not reined in and if more big reforms were not announced. India's government finally bit the bullet and announced big bang reforms. If these are not rolled back, they will be viewed as "game changers" by investors frustrated by the policy paralysis over the last six months. However, two major allies - the Samajwadi Party (Uttar Pradesh state) and Trinamool Congress Party (West Bengal state) have said they will oppose the moves to protect jobs in their states. The long-awaited reforms drove the stock market to a new 2012 high.

David Fuller's view Prime Minister Manmohan Singh, who has also taken over the roll of Finance Minister, has 18 months before the next national election to lead India back onto the growth track, salvaging his legacy in the process. India is back in play as a growth story.