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After all the euphoria gripping the Indian market in the months just after the new government came to power, the reality at present is more sobering. Nevertheless, all is not lost and if we look beyond parliamentary affairs and the reforms hoopla, there are signs of improvement. Any rise is not linear and short-term concerns usually dwarf the big picture, especially the slow changes that often go unnoticed. Let us try to take a stock of the situation and examine the road ahead.