This should be India’s moment. The country has the highest growth rate among major economies. The International Monetary Fund describes it as a bright spot in an otherwise mostly dismal world economy. Narendra Modi, prime minister, basks in the resounding mandate he received at the polls two years ago from a population desperate for a sign of economic revival.
Yet two years into Mr Modi’s tenure, his government continues to avoid many hard choices. India could come to rue a missed opportunity to implement a more ambitious reform agenda.
Sceptics question whether the economy is really growing at the official pace of 7.5 per cent. Even government officials agree that newly revised data collection procedures present a picture at odds with other figures.