At the beginning of the year, the finance ministry had, at the time of the presentation of the Union budget, led us to believe that the country was poised for 9% growth in GDP.
Midway through the year, it was apparent that this was premised on hope. Yet, North Block clung to the claim and only last month grudgingly conceded that growth would be around 7.5%.
Now, the shoe is on the other foot. Depressing projections are being made by economists and analysts attached to investment banks. Some are predicting that it could well be as low as 6.5%, while the most optimistic project it at 7%.
The truth, as always, lies somewhere in between. And it is beside the point. The obsessions cannot only be with growth levels; even 7% growth for an economy of the size of $1.7 trillion is still very impressive. Increasingly, it is apparent that its distribution is equally important.