The unravelling

What a fall it has been my countrymen (and women). Four years ago India was riding high. We had just completed five unprecedented years of nine per cent average annual growth. Poverty, we now know, had declined substantially, though that seems to displease most of our left-leaning political class (perhaps they think of the poor as vote banks?). Inflation had averaged hardly five per cent a year. The current account deficit in the balance of payments had averaged 0.5 per cent of gross domestic product (GDP).

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