A joke doing the rounds several months ago was that the “i” in Brics stood for Indonesia. Recent events lend credence to that witticism. Indian growth rates are closer to 6 per cent than 8 per cent. Inflation rates exceed 10 per cent.
The rupee is at its lowest-ever level against the US dollar. Long-promised reforms such as the opening of the retail sector and the promotion of a countrywide goods and services tax have been abandoned.
The Indian economy is slowing and spluttering, and will conti...
Published on May 21, 2012 10:05