New Delhi, Oct. 6 -- Wednesday could well be a red-letter day for India's economy. A meeting of the Goods and Services Tax (GST) Council is expected to unveil a series of key procedural reforms as a follow-through of GST 2.0, which began with rate cuts last year.

On the financial front, the Reserve Bank of India (RBI) will announce the outcome of decisions taken by its rate-setting panel. The former addresses micro concerns, at the level of businesses; the latter focuses on macro concerns. Together, they could do what the country needs.

In the words of Finance Minister Nirmala Sitharaman, "Next-gen GST was conceived with two connected purposes: to reduce and rationalise rates, and to make compliance easier." The former has mostly been d...