India, Dec. 8 -- It is fabulous for a newsroom when the finance minister talks about a key priority of the budget on its platform. The only thing which can make it even better is if it's something that's fabulous for the economy as well. Nirmala Sitharaman's Saturday's declaration at the Hindustan Times Leadership Summit that customs reforms is going to be a big priority of the next budget exemplified this double windfall. The news point aside, a big-bang customs reform is indeed very good news for the economy for several reasons. The first is the hope that this will further facilitate the ongoing pivot from what is known as an inverted duty structure where importable inputs are taxed more than exportable outputs. The tariff differential acts as a net tax and eats into the competitiveness of Indian exports. The only problem which is perhaps even bigger than duties as far as the customs regime is concerned, is the complicated structure and process of tax administration which is often abused by unscrupulous stakeholders on both sides and acts as a huge deterrent for honest ones. A simplification of these processes and provisions will do a big service to India's trade ecosystem. Desirable as these two goals are, they're not without complications. For example, any blanket simplification or reduction in duties will have to be mindful of India's food security concerns which often require counter cyclical trade restrictions. Similarly, a lot of compliance easing at ports will require infrastructural augmentation of facilities so that India doesn't let its guard down on preventing contraband and harmful substances from getting in or out. Sitharaman herself flagged this concern while speaking. Taking care of these concerns will require more than mere tweaks in the tax laws. It will have to be complemented by development of new infrastructure at ports and augmenting regulatory and supervisory capabilities. This is yet another proof of the fact that an economy as big and diverse as India cannot reform in silos and changing one aspect for the better will also require improving another. But if the country has to add to its economic prowess and boost its competitiveness in the rest of the world this is the only way. The Prime Minister's address at the summit where he described transformation as a national (not sectoral) resolve was a nudge towards exactly this mindset....