When will the Indian economy bounce back? How fast will we grow in the next two years? Estimates have ricocheted between the wildly optimistic and the deeply pessimistic but rating agency Standard & Poor’s appears to think things are ticking along fine by affirming India’s rating at BBB-, a contrast with Moody's downgrade. But the management of the economy and government finances raises other challenges. In assessing various trajectories of recovery as India begins to unlock the economy, former Chief Economic Advisor Shankar Acharya warns that fiscal profligacy, and/or a resurrected licence-permit raj may make it difficult for India to