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The Indian Miracle is Over (Well, That Was Quick)

Dreams died first, now reality is hitting hard. A colossal mismanagement of the Indian economy–the second-fastest growing member the world’s trillion-dollar GDP club–is now showing unmistakable evidence of being derailed. India’s economic growth will fall to 5% for the financial year that ends in March 2013, the lowest in 10 years, government projections said last week. This is below all expectations, including IMF’s. The comparable numbers stood at 9.3% in 2010-11 and 6.2% the next year. The fall, in other words, has been precipitous. Is it time to give up on India? Well, maybe in the short run, but certainly not in the long term. Here’s why:

My column in Inc

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