Indian economy on life support, structural reforms need of the hour

What's going on? The Indian economy is facing a perfect storm, beset by a combination of cyclical and structural factors that makes recovery doubly difficult

If the India story isn’t dead, it’s certainly on life support. The economy grew at 5 per cent in the last quarter for which data is available, leading to a rash of downward recalibrations of growth for the full financial year. (India’s financial year begins on April 1) Most recently, the Economist Intelligence Unit suggested that growth in FY20 will be 5.2 per cent -- significantly below potential.

It is hard to overstate the degree of gloom you’ll find in policy and business circles in India right now, at least behind closed doors. There was a time, not long ago,