As GDP growth slows and industrial performance worsens, the government is hard put to find explanations. Part of the blame has been conveniently placed at the door of the central bank, with fingers pointed at the Reserve Bank of India’s reluctance to cut interest rates that were raised to combat inflation. But the more fundamental explanations being offered are the poor performance of the global economy and the difficulty of pushing ahead with more “reform” in India’s divided polity. Since little can be done about the former, the Congress Party’s economic policy agenda has been focused on accelerating reform at all costs, with special attention on policies that favour foreign capital..............
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