Is 1993-94 a reform holiday to build a consensus in the country and a stronger political resolve to undertake a fresh EFF form 1994-95? A battery of committees suggests that, though the government has postponed the EFF negotiations until after the 1993-94 budget, the government is going to announce further reforms in the trade sector and political commitment to reforms. The Government's balancing act of stimulating economic activity and pursuing structural reform, coping with political tensions means that economy has gone into a transition phase. Notwithstanding the decline in the pace of reforms a 'silent revolution' in attitude towards a market friendly economic system is taking place in India.