-The Indian Express
Former Chief Economic Advisor Arvind Subramanian expands on his twin-balance sheet analysis to explain how the Indian economy reached the current state of turmoil.
To a lay observer, the collapse of India’s economic growth momentum is nothing short of befuddling. That’s because until just a few years ago – to be precise until March 2017 – the Indian economy was not only growing at a progressively rapid pace but was also the fastest-growing major economy in the world.
But this growth momentum (see table below) appears to have fizzled out just as sharply as it was achieved after the economy lost its way towards the end of UPA-II during the financial years of 2012 and 2013.
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