Amystery disease has bedevilled the Indian economy for about two years now. It is displaying a few signs of good health with some definite symptoms of ailment. An average annual inflation rate of 3 per cent, falling interest rates, $63 billion of foreign-exchange reserves, and over 60 million tonnes of foodgrain stocks are all signs of a vibrant economy. But virtual halt on new investments, rising unemployment and job insecurity, bankruptcy of state governments and anaemic growth in industrial and agriculture output signal an impending doom. The Board of India Today Economists (BITE) is the India Today Group's think tank on economic issues. BITE members have been chosen from diverse expertise and ideologies. Most of them feel that the tardy progress in reforms is the single most important challenge to the economy today. Here they provide a snapshot of what is wrong with the Indian economy, how it can be set right and what is likely to happen between now and the end of March 2003.

SURESH TENDULKAR, Professor, DSE KEY PROBLEM: Conflicting signals on privatisation from government. SOLUTION: Stick to privatisation schedule; allow orderly layoffs; cut import duties.	SIDDHARTH ROY, Chief Economist, HLL KEY PROBLEM: High rate of indirect taxes on products of mass consumption. SOLUTION: Cut taxes to reduce prices and boost demand; move fast on value-added tax.	KIRIT PARIKH, Professor, IGIDR KEY PROBLEM: Lingering uncertainty about future and speed of reforms. SOLUTION: Clear Fiscal Responsibility Act; hike govt investment; cut subsidies and tariffs.	INDIRA RAJARAMAN, Professor, IEG KEY PROBLEM: Falling tax-GDP ratio due to insufficient tax collection. SOLUTION: Focus on revenue generation, not deficit reduction; use ideas of field-level officials on collections.	BIBEK DEBROY, Director, RGICS KEY PROBLEM: Poor investor sentiment; all round crisis in agriculture. SOLUTION: Downsize government; link flow of funds to states with rural reforms; follow schedule on duty cuts.	SUBIR GOKARN, Chief Economist, CRISIL KEY PROBLEM: The collapsing manufacturing industry. SOLUTION: Easier laws for layoffs; end to small-scale industry reservation and depreciation of the rupee.
Are reforms dead under the NDA Government?
No	No	No	No	Yes	No
What's the single most important measures for the economy?
A safety net against unemployment	Tax reforms	Power sector reforms and end to pilferage	Privatisation	Privatisation	Labour reforms
Will inflation rate rise above 5% in 2002-3?
Yes	Yes	No	No	No	NO
No	No	No	No	No	No
5-5.5%	5%	5.5-6%	5.5%	5-5.5%	5-5.5%