......For instance, India first reported 8.5% growth in gross domestic product in the year ended March 31, 2011. More than a year later it was revised to 9.3%, indicating that the economic recovery from the global financial crisis was much stronger than authorities had realized. Former Reserve Bank of India Governor D. Subbarao highlighted the challenges a few days before his tenure at the central bank ended in August. Speaking at an event at Prime Minister Manmohan Singh’s residence, Mr. Subbarao said that in hindsight he believes the central bank’s monetary tightening in 2010 and 2011 should have started sooner and been faster and stronger..........
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