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It is hard to read a newspaper these days, whether in India or abroad, without running into opinion pieces criticising the performance of the Indian economy. Whilst the critics differ in their targets – some focus on the incumbent administration’s incompetence, others on India’s institutional shortcomings such as endemic corruption – as the tide of cheap American money recedes, India’s shortcomings are clear for all to see. Not only is the currency battered, the economy too will slide towards low single digit growth.
We disagree not so much with India’s economic predicament – the weak economic growth and the sliding rupee are matters of fact – but with the portrayal of a cyclical downturn as a structural crisis. This, to our mind, is one of the three myths regarding India that are being perpetuated at present."
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