Advertisement
Friday, Oct 22, 2021
Outlook.com

A 5-Trillion Dollar Economy Is Like A Chubby Cow Learning To Skate On Thin Ice

The government betrays total ignorance about macroeconomics levers but no one dares to say so, writes journalist and author, Puja Mehra

A 5-Trillion Dollar Economy Is Like A Chubby Cow Learning To Skate On Thin Ice
A 5-Trillion Dollar Economy Is Like A Chubby Cow Learning To Skate On Thin Ice
outlookindia.com
2019-12-31T16:13:28+05:30

Slumbering elephant, caged tiger, sleeping dragon, tortoise—metaphors describing the Indian economy combine promise and frustration. “India’s is very much the tortoise story in the fable—a story starter coming good over a time,” T.N. Ninan wrote in The Turn of the Tortoise (2015). The potential was never in question. The tortoise needed time. The droopy tiger needed unshackling. Observers had hung on to the faith that India will resolve the roadblocks and speed-breakers: an underperforming state, cloying cronyism, chronic graft, populist politics, retreating forest cover and the toxic air and water.

In the years following 1947, annual growth averaged 3.5 per cent, pejoratively called the ‘Hindu rate of growth’. The 1980s saw a few initial steps of economic liberalisation, and after the balance of payments crisis of 1991 led to a spurt in economic reforms, growth picked up dramatically, rising to 6 per cent and more—1991-2011 was the best period in India’s economic history, when the ‘miracle economy’...

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

PM Modi Hails India For Creating History With 100 Crore Vaccinations in 279 Days

PM Modi Hails India For Creating History With 100 Crore Vaccinations in 279 Days

The country now has a strong 'protective shield' of 100 crore vaccine doses to combat the biggest pandemic in 100 years, PM said in a video address.

Serum Institute Of India Eyes Exports With Enhanced Covid-19 Vaccine Output: Adar Poonawalla

Serum Institute Of India Eyes Exports With Enhanced Covid-19 Vaccine Output: Adar Poonawalla

The company’s CEO Adar Poonawalla said the company would be able to export 20 to 30 million Covid-19 vaccine doses in November this year.

Deepika Padukone, Ranveer Singh Set To Bid For New IPL Team

Deepika Padukone, Ranveer Singh Set To Bid For New IPL Team

Close to 15 companies, including pharma giants, have shown their interest to bid for the two new IPL teams to be named on October 25 in Dubai.

SpiceJet Introduces Special Livery To Mark India's 100 Crore Feat In Covid-19 Vaccination

SpiceJet Introduces Special Livery To Mark India's 100 Crore Feat In Covid-19 Vaccination

SpiceJet Chairman and Managing Director Ajay Singh said the reaching of 100-crore-dose milestone in mere 279 days was testament to the efforts of health workers.

Advertisement