'New normal' growth rate

The finance ministry likes to talk of the “new normal” when it comes to inflation — code for saying that everyone should get used to a higher rate of price increases. The question is whether the country should also adjust its sights when it comes to growth, to a “new normal”. When considering the economy’s potential for rapid growth, most people’s mind-sets are influenced by the fact that India did better than 9 per cent in each of the three years of 2005-08.

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