From about the beginning of 2017, even skeptics had to admit, India looked to be recovering from a growth slowdown. Most dramatically, in the last two quarters for which data is available, investment in physical capital -- which had long been too low for growth to recover - increased by 12 per cent and 10 per cent, respectively. In the first two months of 2018, exports grew by over 9 per cent. For once, optimism seemed warranted: Decent growth and macroeconomic stability seemed likely to bolster optimism, encourage more investment and launch a virtuous cycle.
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