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Where's the growth miracle?

Commentary on the Indian economy has decidedly turned pessimistic. While no one has questioned continued growth at 6% or more, nearly all have expressed doubts in sustained growth at 8-9 %. What should we make of this pessimism? Let us first place the current slowdown in perspective. India had shown remarkable resilience to the financial crisis that erupted in the US in September 2008 and quickly spread to the entire world. 

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