Economic growth is back above 7 per cent, and one could speculate whether a window of opportunity for reform has just closed. Though the Narendra Modi government started out promising double-digit growth, it will be relieved that, after four rocky quarters, the magic number ‘7’ defines growth once again. Yet these troublesome quarters have seen more substantive ground-level reform than previous years when it was relatively smooth sailing for the government. We have implementation of the new bankruptcy code, introduction of the goods and services tax, large-scale recapitalisation of banks, and de-nationalisation of coal mining. But as the sense of
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