If one were to pick out a lasting memory from the first 4 years of Narendra Modi government, it would be visuals of the long queues outside ATMs. Demonetisation and the ensuing chaos will probably remain an indelible memory, but the report card must take note of three other factors: formalisation of the economy, financial inclusion and digitisation. None of this impacts you directly or immediately: you don’t get richer or pay less tax, but consistent efforts towards this end mean you get a clean and efficient economy, which then has an impact on tax rate, inflation and financial repression.