About Renu KohliRenu Kohli is a New Delhi-based macroeconomist; she is a former staff member of the International Monetary Fund and Reserve Bank of India.
By Renu Kohli. Posted July 12, 2012
Unexpectedly weak growth in the first quarter of 2012 was a slosh of icy water in the hot Indian summer. The near-halving of GDP growth to 5.3% in the first quarter of 2012 from a stellar 10.1% in the same period in 2010 has led some analysts to question whether India’s high-growth phase was a blip. However, a close look at the underlying causes of the present downturn suggests that it is cyclical, although with deep underlying distortions that need a fundamental overhaul to put growth back on track. The structural drivers capable of sustaining high growth rates over a long period remain in place.
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