India’s moment of truth

Four quarters of steady economic deceleration have caused widespread anxiety. The talk of a new Hindu rate of growth — different from the late Raj Krishna’s famous 3.5 per cent per annum, but hovering around 5-6 per cent, far below the 9-10 per cent “Chindia” dream — has seriously commenced. Is the current economic gloom justified? Are we watching a short-run blip, or a new downward trend?

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