The challenges facing India's finance minister at any given time will remain momentous.
The country's diversity across every parameter gauged is such that regardless of who is in charge much will be left to his successor.
While P.F. has briefly reviewed a few points the single one that would appear to have the greatest scope for positive action is the size of the tax base. Indeed it should be made a national objective pursued by administrations over many years to come.
Changes to tax rates may raise revenues while the economy booms but do not achieve political goals of greater social equality, a level-playing field for companies to compete in, transparency and structural improvement.
If the tax burden should consistently fall on those who already belong in the formal economy a point in time will be reached when the mismatch between revenue and spending becomes chronic.
I suspect it is already the case.
There will be, well into the foreseeable future at least, large enough swathes of the economy in informal sectors. But the ones that could and should be brought under the formal set-up have to be targeted successfully sooner rather than later. Also, for recurrent tax-dodgers, individuals and professions who hardly pay any income-tax, corporate tax fraud and evasion, etc.
Indeed the best time to do so is over long periods of fast expansion as India has been experiencing.
Will there be enough political will to accomplish such goals?