New Delhi, Aug 16 (TIWN) After revoking Article 370 granting special status to Jammu and Kashmir in a seamless manner and the security dragnet in the erstwhile state not resulting in a single bullet being fired, Prime Minister Narendra Modi has begun to focus on the beleaguered economy haemorrhaging in an ugly manner.

In his meeting with Finance Minister Nirmala Sitharaman and her team, Modi has argued for quick alleviation measures. With the FPI surcharge causing cataclysmic corrections in the capital markets, the BSE Sensex has seen a drop of 8 per cent since early June, accentuated after the Budget speech which imposed the tax, and the Prime Minister is reportedly concerned about disinvestment receipts which are contingent on a stable equity market.   While the Parliament has passed the Finance Bill and tweaking it now will have to see an extraordinary measure, the Finance Ministry has reportedly sought the Law Ministry's view on how to overhaul it. Section 119 of the IT Act which allows grandfathering is one option. Bringing an ordinance is another, but the former is a far better option.