One hopes minister of state for corporate affairs, Sachin Pilot, gets down to the nitty-gritty of rules to be framed with the utmost clarity, simplicity and speed. Ambiguous rules will only cause delays and litigation.

Mr Rajan will need firm government action to tackle the ills crippling the economy. Will he get it? That really is the trillion-dollar question, and will set the tone for his equation with the government.