Economy still not out of the woods

摘要

From a member of "Fragile Five Club" (Turkey, Brazil, India, South Africa and Indonesia) India today has come a long way. What a difference hard decisions both on the fiscal as well as monetary front taken over the past 15 to 18 months have made! A country which was reeling under current account and fiscal deficit, falling rupee and high and stubborn inflation and appeared to be headed towards a disaster by mid-2013, is today in a much better shape. Inflation has declined, rupee stabilised, fiscal and current account deficit no longer posing threat, the Indian economy once again appear to be at the doorstep of a new growth run.