Easy money's over

The impressive performance of the Indian economy over the last two decades has been severely dented in recent years. Not only has growth decelerated to a decadal low, the promised recovery has proved elusive with the government focussed more on rolling out welfare programmes. Meanwhile, domestic barriers to growth have been accentuated by external sector developments, especially the decision of the US Federal Reserve to taper off quantitative easing sooner rather than later.

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