India is now one of the most dynamic economies in the world, despite the recent slowdown and policy paralysis. It all began with the reforms of 1991 introduced by the Narasimha Rao-Manmohan Singh combination at a time when the country was a few weeks away from insolvency.
The acceleration in the rate of economic growth since then has come without sparking off any major balance of payments crisis, which is what makes the post-1991 performance superior to the debt-fuelled growth of the 1980s.
The economy then soared to an even higher orbit after 2003, as the benefits of reforms began kicking in. India needs to maintain its growth trajectory—or even better it. A more robust economy pushes up average incomes as well as provides the government with tax revenues needed to fund better social services and national security.