It was the 10 years that took India from a may-be to a will-be state. Nothing shows this more clearly than data tracked over the past 50 years—a jump in growth, in the income that each Indian has and in the consumption basket itself. A closer look at the data over the last decade tells the story of the pulls and pushes of events—both domestic and global—that pulled India this way and that.
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But the clear indication of a deeper global link shows towards the end of the decade. If the dot-com bust hardly moved our annual indices, we found mid-year dips in markets due to internal scams. But cut to 2008, and we see how the global crises caused dips in GDP growth, markets and made interest rates move sharply.