India's growth rate wounded or battling on?

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Research Article

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Economic and Political Weekly


The discussions surrounding the Indian economy's performance during the past three-and-a-half year rule of the National Democratic Alliance government have been entirely concerned with the ups and downs of particular year-on-year quarterly growth rates alone, and this amounts to missing the wood for the trees. This article attempts to contrast the notion of a growth rate that is normally employed in the growth theory with y-o-y quarterly rates for the Indian economy. It argues, in particular, that the policy failure (if any) associated with demonetisation can not be judged with reference to growth rates.

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