Advertisement
Sunday, Oct 17, 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

Two Vendors From UP, Bihar Shot Dead By Militants In J&K

Two Vendors From UP, Bihar Shot Dead By Militants In J&K

Police claim 13 terrorists have been killed in Jammu and Kashmir in nine encounters over the last nine days.

In Ongoing Poonch Encounter, Bodies Of Two Missing Soldiers Recovered, Toll Rises To Nine

In Ongoing Poonch Encounter, Bodies Of Two Missing Soldiers Recovered, Toll Rises To Nine

According to the Army, the bodies of a jawan and the JCO were recovered during the search operation on October 16.

SAFF 2021: Chhetri Equals Messi Feat As India Thrash Nepal To Win 8th Title

SAFF 2021: Chhetri Equals Messi Feat As India Thrash Nepal To Win 8th Title

India crushed Nepal 3-0 to win their 8th SAFF title, thanks to goals from Sunil Chhetri, Suresh Wangjam and Sahal Abdul Samad.

Kerala: Six Dead, 12 Missing As Heavy Rains Cause Flash Floods And Landslides

Kerala: Six Dead, 12 Missing As Heavy Rains Cause Flash Floods And Landslides

Several people have been injured and displaced. Dams in many districts are nearing full capacity. Small towns and villages in the hilly areas are totally cut off.

Advertisement