......The miasma of suspicion that pervades our society today will ebb. The Reserve Bank of India intends to play its part in making this happen.” Assessments of India’s economy seem to swing between over- exuberance and selfflagellation, with foreign analysts joining Indians. A few years ago, during India’s high growth phase, India could not go wrong. Commentators talked of “ Chindia”, elevating India’s performance to that of its northern neighbour. Today, with India’s slowdown, India can do no right. An unfortunate side- effect of the clean- up of large scale corruption was that bureaucratic decision- making became more risk averse, leading to a policy paralysis. But the reality is different.......
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