Returning India to a High Growth Path
Among all the failures of the UPA govt on the economic front, the slowdown in infrastructure sector is the most disappointing.Read full articleOnly a few months ago, many in the media had been arguing that the emerging market economies (EMEs) had now acquired a growth momentum of their own and were immune to the booms and busts in the developed countries. Less than six months into the financial crisis that originated in the United States, the "decoupling" thesis is biting the dust. The crisis, which turned the ongoing economic slowdown in the United States into a full-blown recession, has been transmitted to the Asian Asian EMEs at lightening speed. Triggered as recently as September 2008, it has led to a spectacular spiralling down of the GDP in many Asian countries. And more integrated the country's economy into the US economy, the more severe the impact. In South Korea, the GDP has fallen a whopping 21% in the last quarter of 2008. The loss in Singapore has been 17%. Taiwan has seen its industrial output decline by a gigantic 32% in 2008.
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