Underperforming even in good times

The late Professor Raj Krishna's term "Hindu growth rate" was an aptly pejorative description of India's economic performance. But he was referring to the pre-take-off period, the first three decades after Independence. How has India performed in the good times, when the country's growth turned around? The popular impression is that India has done exceedingly well, with growth rates second only to China in recent years. The reality is sobering.

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