A lot has happened since our first issue of ‘THOUSAND SMALL STEPS’. The global economy has passed through yet another difficult year. The growth in advanced economies has stagnated, while that in emerging and the developing world has decelerated, leading to a slow global growth of 3.1% in 2015. Despite all the headwinds, domestic and external, Indian economy remains in a sweet spot and is expected to grow by 7.6% in FY16 and 7.8% in FY17 (SBI projections), compared to 7.2% in FY15 and 6.6% in FY14. This has been possible mainly due to the process of continued efforts by the Governments (Centre and States) and Regulators bringing more transparency in the system and procedures, good governance, rationalizing tax structure etc. Reserve Bank of India has also indicated an accommodative policy stance ahead. Although, India’s growth fundaments are intact, policy space is constrained by a number of factors such as water distress in a number of States. Thus, the outlook for future growth is heavily conditioned on the performance of monsoon for this year. The good news is that after two successive years of deficit rainfall, Indian Meteorological Department (IMD) this year predicts above normal monsoon at 106% of Long Period Average (LPA). This may act as a big enabler for agri growth. Against such backdrop, we felt the necessity to pen down once again some new steps in addition to the ‘THOUSAND SMALL STEPS’ undertaken by the Central & State Governments and Regulators towards fast-tracking the Indian growth story. Hope you find this issue interesting like our previous one.