Ready for 6.5 per cent?

A year ago at this time, the headlines were almost uniformly upbeat. The quarterly GDP numbers had been unexpectedly buoyant, and corporate India was talking of good sales figures. Though the telecom scandal had begun to roll out, it had not led to the resignation and arrests of ministers and corporate chieftains. Anna Hazare was still quietly eating meals in Ralegan Siddhi and, equally quietly, Kiran Bedi was busy over-billing people for her travel. Inflation was high, but so was growth, and interest rates were not high enough to hurt.

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