In less than a week from now the country will transition to a new fiscal year. Routine? Not really. The coming fiscal year, 2017-18, is crucial and eventful for many reasons. One, it is the penultimate year before all political parties, including the incumbent, start readying for the 17th general election due in the first half of 2019. Second, the country will, in the course of the year (most likely 1 July), have its tryst with the most consummate piece of tax reform which for the first time will economically unify India—the Goods and Services Tax (GST). Thirdly, once again the BJP (read Prime Minister Narendra Modi) will be donning its electoral warpaint for another round of state assembly elections—in one as an incumbent to hold onto the hugely prestigious state of Gujarat and in Himachal Pradesh as the challenger to its principal rival, the incumbent Congress. Fourthly, there seems to be an unexpected boost from the world economy—exactly why Indian exports after declining for almost two straight years are suddenly exhibiting a recovery of sorts. Finally, there is once again an air of uncertainty around the monsoon. Clearly then the next 12 months are going to be crucial for the country’s economy and politics. Needless to say whatever happens in the next one year will have a tremendous bearing on the immediate couple of years thereafter. So brace for whatever transpires.

(Live Mint)