Boring economies of Europe, growing at 1-2%, which is too worst so that Billions came into India, and the sudden rush of money did lead to some growth. The government in power took the entire credit for it. “We have created growth,” but reality is more than just a growth rate formula in a spreadsheet. |New real state development terminology has also made equally growth fundamental error, because of Young M&A bankers bought apartments with a slum-and-racecourse view or a slum-and-sea view. Of course, the idea was to ignore the slum and focus on the sea view or the racecourse. Now Government committed to providing a pro-business, pro-growth economic environment? Is the Indian polity will favor new capitalist system? Are we socialist or are we market driven? If we are social then a socialist country cannot turn market-friendly overnight.
The government spent way more than it earned. Consequently, private players faced interest rates of 15% for borrowings. The government printed so many rupees, it flooded the market and the currency bought less and less. Dollars stopped coming to India. Local players took their money out too. Growth slowed and the government blamed the media, the opposition, the foreigners and even the middle class for it. But reality is more than half leaders even don’t know the calculation of GDP. Now the situation of business analyst is , who were celebrating India a few years ago, are now telling their clients how to avoid India and its unreliable regime. If the world stops trusting India, this trust will take years to rebuild and decades to stabilize.
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