There may be no one better qualified than the forceful Mr. Modi to kick-start the investment cycle and slay stagflation. In his first quarter in office he must tackle the bloated fiscal deficit, which has fuelled high inflation. Mr. Modi will trim spending on wasteful subsidies of fuel and food. Doing so would soothe the nerves of foreign firms. In his first year, Mr. Modi must stabilize India’s rotten banks and tame inflation. In the long term he must raise India’s growth rate towards 10% and ensure that expansion starts to generate decent jobs, i.e. new vision for India and deeper reforms. Can Mr Modi achieve this? In a technical sense he will have to transform the supply of the inputs of production. Most factories find it far too hard to get land, labour and energy. All three inputs are bound by a mesh of restrictive rules and bureaucracy, vested interests and corruption. One option would be to devolve power over these matters to the states, and hope that they compete among each other to raise standards, much as Gujarat has done. Another would be for Mr. Modi to build momentum over several years for a wholesale recasting of the rules, driven by the centre. Either way, it will require nothing less than a complete change of outlook for a country that has forgotten how to do business simply.