Indian policymaking is good when cautious, botched when rushed. Learn from US banking crisis

The recent past has shown that every time Indian policymakers have exercised what looks like excessive caution, they have been rewarded. Conversely, each time they have pushed through something in a hurry, they have been burned. The latest example of the former is the resilience exhibited by our banking sector in light of the meltdown taking place in the US and Europe. On the flip side, there are numerous examples of rushed policies being botched—prominent ones being demonetisation, GST, and the farm laws. Let's start with what India has gotten right through its caution. Take the policies put in place…