Next week will mark three decades since the P V Narasimha Rao government assumed office and set in motion radical reforms that changed the direction and speed of the Indian economy. In these 30 years, India’s share of the global economy has trebled, from 1.1 per cent to 3.3 per cent. In current US dollars, the economy has multiplied 11 folds; only China and Vietnam have done better. And on the key human development indicators (primarily life expectancy and literacy), India has done marginally better than the average of the countries bracketed in the “medium development” category. From being the 12th-largest economy, India this year is expected to be the sixth-largest.
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