In the aftermath of the global financial crisis, optimists hoped that the BRIC (Brazil, Russia, India, China) would drive the global economic engine. But China's economic growth has slowed to its lowest rate in three years. Brazil's economic growth has fallen from around 7.5% to under 3%. Russia's economy is heavily dependent on oil and energy prices. India also has stalled. This three-part paper titled The Great Pretender - India's Economic Past & Future by world-renowned author and financial expert Satyajit Das looks at the development and future trajectory of the "I" in the "BRIC". This, the first part, looks at the background to India's recent rise.
In the Northern Summer of 2011, the Indian cricket team arrived in England for a four-Test series.
The Indians were the Number 1 Test side, holders of the One Day International World Cup and recent winners of the T20 Cricket Championship. India was soundly defeated 4-0. Subsequently, in late 2011, the Indian side were crushed 4-0 by Australia.
Considered by its parochial supporters as a great cricket power, the Indian side had again failed, falling short of sporting greatness.
Like Indian cricket, the country's economy seems destined to never fulfil its potential.
Copyright: 2012 Satyajit Das All Rights Reserved