New Delhi, Dec. 30 -- At the end of a tumultuous year for India's economy, especially its labour-intensive industries reeling from US President Donald Trump's tariffs, William Shakespeare's words seem apt.

"There is a tide in the affairs of men, Which, taken at the flood, leads on to fortune. On such a full sea are we now afloat." In that spirit, here's a wish list for the Indian government as it confronts its many challenges.

'Make in India' needs to be comprehensively evaluated and then downsized. The ever growing list of incentivized industries-more than 25-makes a mockery of the claim that they are all strategic. Instead of this mission creep, we should focus on reducing our dependence on China.

The Trump tariffs are prompting Chin...