New Delhi, July 7 -- Ernest Hemingway once described bankruptcy as happening in "two ways: gradually, then suddenly." The same observation applies to meaningful change. Alternatively put, change whispers for years before it finally shouts. India's reform journey reflects this pattern-starting slowly, gathering momentum over time and now accelerating.

Over the past decade, India has made significant strides on economic reforms. The Insolvency and Bankruptcy Code of 2016 marked a pivotal step toward improving recovery outcomes for creditors and expediting resolution processes.

Tax reforms followed over the next few years, including the rollout of India's Goods and Services Tax (GST) in 2017, corporate tax cuts and the introduction of face...