Raghuram Rajan | Why India slowed
Why has India’s GDP growth slowed so much, from nearly 10% year-on-year in 2010-11 to 5% today?
For a country as poor as India, growth should be what the US calls a “no-brainer". It is largely a matter of providing public goods: decent governance, security of life and property, and basic infrastructure such as roads, bridges, ports, and power plants, as well as access to education and basic healthcare. Unlike many equally poor countries, India already has a strong entrepreneurial class, a reasonably large and well-educated middle class, and a number of world-class corporations that can be enlisted in the effort to provide these public goods.