India, meet Icarus

Did you hear the good news? India's economy grew at an (annualized) rate of 5.5 percent in the second quarter of 2012 (the last period for which data is available). But wait: India averaged 8.1 percent growth from 2004 through 2011 -- a period that included the global recession. What sort of Pollyanna is ready to give high marks for 5.5 percent?

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