Ten years ago, facing a bal-ance-of-payments crisis, India's government jettisoned four decades of economic isolation and planning, and freed the country's entrepreneurs for the first time since independence. Growth picked up, inflation fell and India began to recapture some of the ground it had lost in world markets. Since that first burst of radical reform, however, the pace of change has slowed. Progress is still being made, but in hesitant steps, not the bold strides needed to improve upon what some people now call the "new Hindu rate of growth", of around 6%.
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