Growth is strong, inflation low, and rupee stable, but we rank 136th in terms of per capita income, and income inequality is at its highest in a century. Meanwhile, the stomach for reforms is missing
Eleven years ago, Modi inherited an economy in dire straits. Growth was slowing, inflation was high, the rupee was volatile, fiscal and current account deficits were unsustainably high, and a bad loan problem was sapping investor confidence. The much dreaded stagflation seemed a distinct possibility.