... example, Kelkar:2004 and Rodrik and Subramanian:2004). In the light of such growth optimism of the past two years should I revise the more moderate medium-term growth outlook presented in my earlier paper? That is the issue I address in this brief paper. I. Short-term Factors As noted above, short-term euphoria about India's growth prospects rose to a peak in early 2004 fuelled by the CSO's advance estimate of 8 percent plus GDP growth in 2003/4. The third quarter (Oct.-Dec., 2003) estimate of 10.4 percent GDP growth induced headlines of India being the fastest growing economy in the world. Senior government spokesmen (including then finance minister, Jaswant Singh) confidently projected 8 percent growth in the medium-term. Election pamphlets were even more bullish and foresaw growth in double digits!1 To begin with, let's put the 8.1 percent growth of 2003/4 in perspective. As Table 1 shows, it follows a sluggish 4 percent rate recorded ...

See this essay or coursework document in full right now