Eight years on

India must protect macroeconomic stability

Is this finally India’s moment? As the country emerges from the pandemic, poised to once again take over the mantle of the world’s fastest-growing large economy, it is reasonable to consider where it stands almost eight years after Prime Minister Narendra Modi took office on May 26, 2014. At that point, Jim O’Neill — the Goldman Sachs banker who famously coined the “BRIC” acronym — declared that it was the “most positive development in India in 30 years”. Stock markets surged, and a fortunate moderation in global oil prices helped tame inflation and stabilise the economy. Eight years on, the