The low base of the last financial year would have made economic growth this year look good. However, most double-digit economic growth forecasts for the current financial year have been cut to single digits. Nevertheless, even pre-pandemic, India’s economic growth model of recent years was in the process of breaking down. But before we get to that, it’s important to look at what drove economic growth during the first decade of the new millennium and a few years after. Also, it is worth remembering that this is the average income growth of Indians and not the income growth of an average Indian.

Source: Mint August 08, 2021 16:29 UTC