India, Nov. 3 -- A few days after GST 2.0 was unleashed on September 22 this year, I wrote a cautionary column asking experts not to go overboard with a frenzied speculation about how a sustained consumer boom was inevitable because of the revolutionary reforms. As GST rates were lowered, and slabs reduced, one of the headlines that excited everyone was that the deliveries of cars by Maruti Suzuki crossed 25,000 units in a day.

This was fabulous news. But a few critics maintained that this was more of an indication of pent-up demand, as buyers had stopped buying cars in August and September due to the GST cuts. Such a consumption frenzy was unsustainable, and would not continue over the next few weeks, forget months. However, as media he...