Growth prospects dim

Given India's policy and institutional constraints, it will be difficult to significantly accelerate economic growth from present rates

Eight months ago, in “Some macroeconomic musings for 2019” (Business Standard, 10 January, 2019) I speculated “it is likely that economic growth will remain below 7 per cent, possibly closer to 6 per cent, in the coming year”. At that time I was upbraided by some fellow members of the economists tribe for being too pessimistic, since most contemporary projections (domestic and international) were indicating 7-8 per cent growth for 2019 or 2019/20.  As recently as this July, the Economic Survey projected 7 per cent GDP growth for 2019-20 and the Budget numbers implied 8 per cent. And, in early