Decline and fall of India’s Economic Reforms

I was distraught when the NDA lost the general election of 2009 and could not form the Government.  Subsequent events, especially on the economic front have considerably diminished that pain.  According to the latest estimate, GDP growth in the third quarter of 2011-12 has declined to 6.1 per cent; fiscal deficit up to January 2012 was 105 per cent of the budgeted amount; the current account deficit is estimated to be 3.6 per cent of the GDP in the current year; industrial production has all but collapsed and agriculture has performed poorly.

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