It's the economy, stupid

With high interest rates, and a low risk of depreciation, portfolio inflows have risen sharply, leading to the appreciation of the rupee

Ajay Chhibber 

Ajay Chhibber The Modi government started with much fanfare and high expectations in 2014 after unseating a corruption-ridden United Progressive Alliance (UPA) government, which had overseen high inflation and rapidly declining growth. But some three years later the engine has gone off the rails. The economy recovered a bit in its first two years, as the Modi government benefited from a huge terms of trade windfall from declining oil prices. GDP growth, which was at six per cent in Q3 2014-15, peaked at 9.1 per cent in Q4 2015-16. The government basked in the global adulation of declining ...

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First Published: Mon, September 25 2017. 22:39 IST