Is the economy paying the price for the government’s failure to undertake basic reform over the past three years? Almost certainly, yes, just as it is also paying the price for the previous government’s failure to undertake structural reform. The time to take the difficult decisions was when the going was good — and who can deny that the going was good for India these past many years? But the Manmohan Singh government was beguiled by flattering growth rates into doing little on some basic issues, taking the wrong turn on some others, and getting paralysed into inaction in the
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