India may be heading towards lower growth rates than before

World income was growing comfortably at about 5 per cent a year in the early years of this millennium. Then in 2008, growth suddenly slackened; by the end of the year, industrial countries’ domestic product was declining sharply, and growth in underdeveloped countries had virtually ceased. The downturn was so drastic that there were fears that the world was about to see another great depression like the one in the 1930s, which did not end until World War II forced all warring countries to overspend for survival and pulled their economies up out of depression.

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