India's growth doesn't have a story

Headline growth of over 7% might look good when global pace is weak; underlying drivers aren't solid

For a plan to come together there has to be one in the first place. As India finds itself grappling with a sudden fall from grace, an economic blueprint continues to elude policy makers.

World-beating growth numbers of over 7% might look good when global growth is sagging, but the underlying drivers aren’t so solid. Half of India’s gross domestic product isn’t actually improving. Meanwhile, of the other half, 15% is growing because of lower commodity prices and a third of that improvement is because of government actions, according to an HSBC analysis.

Since the government drained 86% of the cash in