 "The Lost Decade by Puja Mehra | Courtesy: Amazon.in")
India is among the world’s fastest growing economies. Yet, many economic challenges remain. Corporate investment and exports — twin engines that typically propel growth in most economies — are sputtering. The labour market is tepid. Jobs are scarce. Tax buoyancy has failed to materialise. Banks are undercapitalised. Increasingly, Non Banking Finance Companies (NBFCs) have started showing signs of stress. And the debt-fuelled consumption binge has come to an end.
How did we reach this “growth without story”? The question is both important and urgent. To paraphrase Nobel Laureate Paul Romer, once one starts thinking about these questions, it is difficult
