In less than a decade, India has been converted from a low-cost, high-growth economy to a high- cost low-growth economy. In 2003-04, consumer price inflation was 3.8 per cent and GDP growth was 8.06 per cent. In 2013, GDP growth is 4.4 per cent and consumer price inflation is over 9 per cent. The run on the rupee may be triggered by global factors but the underlying crisis in our economy is the default outcome of voodoo economics.
Posted on: Mon, 02 Sep 2013 05:48:04 +0000
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