Why it is critical to revive the private sector

For India, the first decade of this century was a watershed in many respects. It started with a below-trend growth rate of 5.5% between 2000-01 and 2003-04, but later surprised on the upside when the economy expanded at a neverbefore-seen rate of nearly 9% per year between 2004-05 and 2007-08. Then the global financial crisis intervened and dragged down growth to 6.7% in 2008-09. But the economy recovered swiftly and forged ahead in the next two years with 8.4% growth.

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