Earlier in the year, foreign investors began to doubt the reform credentials of the Modi government, as it struggled with the politics of passing necessary enabling legislation. At the close of the year, we have three significant reforms to measure: first a new Bankruptcy Act which is expected to ease the recovery process for non-performing loans, particularly at state-owned banks. Second, the GST Constitutional Amendment Act is in the process of implementation through a GST Council, which by now has established many necessary operating rules and procedures. One major decision remains to be addressed at the next Council meeting in early January: the distribution of the proceeds between the centre and states. Finally, we had demonetization, implemented quite decisively without any leakage but perhaps with the unintended consequence of seeing off RBI Governor Rajan who is believed to have opposed the idea.