India's growth: Trends and imbalances

Most people are familiar with the trajectory of India’s economic growth in the last 20 years, since the external payments crisis of 1991. Just to briefly refresh memories, following three decades of growth at below four per cent a year between 1950 and 1980 and the modest acceleration to 5.4 per cent in the 1980s, the external payments crisis of 1991 triggered wide-ranging economic reforms, which raised the GDP growth rate to 6.6 per cent in the five years from 1992 to 97.

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