New Delhi, July, 27: Prime Minister Manmohan Singh took over the finance ministry June 27 after resignation of Pranab Mukharjee, it was given expectations to the market as FM was of classical mindset and going slow with reform.

Market made their hoping that the economist turned politician would turn around things and bring the economy back on track but 30 days after taking Ministry, little seems to have changed. 

Most of those expectations still the hope amid bleak political condition which has became shaky as ever and a return of the reform inertia of the 90's unlikely as ever.

PM Manmohan Singh raised spirits with his commitment to revive the snail spirits of the economy.India INC pleased with the change of guard, Stock Market Rally around amid the finance ministry officials begin looking after the street for a new sense of direction. An initial burst of activity happend with few rollbacks of Mukherjee's controversial decisions of tax proposals.

That was also accompanied by an unprecedented, public override by the Prime Minister Office of finance secretary RS Gujral's hastily approved draft norms on the GAAR.

The rebuke was soon followed by the constitution of external panel to review and rework the GAAR - this after noted tax expert Parthasarathi Shome had written a detailed note on the matter, Parthasarathi has started the review of the proposals. 

The other burning tax issue - the retrospective amendment that would pave the way for a Rs 20,000 crore tax claim on Vodafone- is looks like buried under a cloak of silence. After all, it is not easy to roll back all such proposals contained in a finance bill after parliament passes it.

The tentative moves are also made by the government to boost the mutual funds sector which is reflecting sluggish growth. The department of economic affairs led by secretary R Gopalan who held series of meetings with industry body. 

The disinvestment and expenditure departments led by Sumit Bose and Haleem Khan are predominantly seems like on the hold. DK Mittal led department of financial services which has been in the news for an estimated 38 missives to public sector banks - leading to commentary of "activism" and "over-reach".The redoubtable DK Mittal has rejected the comments. There are other larger issues.

The proposal to allow foreign carriers to invest in Indian carriers remains hostage to lobbying and alliance politics, the advent of multi-brand retail is work in progress, higher FDI in insurance and fuel price reforms have not taken off. A nod for forward trading in commodities was also held back.

While the usual suspects like the Trinamool Congress are to blame, questions are being asked to as why the PM- who many felt was happy to have complete control over his former charge - is not cracking the whip and pushing decisions.

Indian economy is one again wrapped by bad news including global crisis, poor monsoon, high interest rate, spiking inflation and policy paralysis that hints no forward moves on diesel price reform as that would spike food inflation.

The international situation is also showing bumps and it seems no respite anytime soon. So, will it therefore be left to a new, fulltime finance minister to attempt a turn-around and will that person be P Chidambaram? This again is a question that is yet to be answered by government.

 By all spectrums it was euphoria and change is certain in September, post monsoon session of parliament ends. Till then, hopes will remain of a comeback by Manmohan Singh as mentor who can once again influence India’s economic destiny.