Indian economy is staging 2nd recovery in 6 yrs; how strong is the revival?

Looking back, it is clear that the Indian economy is staging a second recovery in the past six years. However, the lingering question is about the strength of the latest recovery. As is evident from Charts 1 and 2, both gross value added and gross domestic product seem to be getting closer to the recent peaks achieved in FY16. However, unlike the Reserve Bank of India, which reiterated its forecast of 7.4 per cent GDP growth in FY19, India Ratings and Research has dialled down its expectation to 7.2 per cent (Chart 2). 

Chart 3 shows that, in terms of