What is wrong with India’s economy?

Thought Provoking article
India further eased rules on foreign direct investment in a range of industries in an attempt to boost the economy which grew at its slowest pace in a decade during the 2012-13 financial year. Economic analyst Paranjoy Guha Thakurta explains what ails Asia’s third-largest economy.
For Prime Minister Manmohan Singh, the irony could not have been more cruel.
The man who is credited with lifting the country’s economy from the brink of disaster in 1991 as finance minister in PV Narasimha Rao’s government, is today facing a situation which is not very much better.
In fact, in at least two respects – economic inequality and the international exchange rate of the rupee – India’s economy appears to be worse off than where it was two decades earlier.

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