The new normal for growth

I am a little surprised that the Reserve Bank of India’s (RBI’s) assessment in its April monetary policy of the “potential” rate of growth for the economy at roughly 7.5 per cent didn’t stir up a bigger controversy than it did. After all, the RBI’s number is much lower than the range of eight to nine per cent that the government would want us to believe is the economy’s natural capacity to grow.

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