Don't blame the world

Over the past two or three years, as India's economic performance has deteriorated badly, it has become commonplace to hear senior members of the government attribute most, if not all, of the worsening in economic performance to external factors. Typically, these have included the slow and uncertain recoveries from the global financial crisis in the US and Japan and the lingering crisis and recession in Europe. Let me agree straightaway that these are very real problems that have beset the global economy in recent years. Let me also agree that the implications of these global frailties have been clearly negative for India's development potential.

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