Reform, don't spend

A recovery plan for the Indian economy will be effective only if it corrects the policy errors made since 2014

I suppose we should be grateful. After months and months in which voices have been raised in concern about a serious and structural slowdown in the Indian economy, the central government has finally accepted that it may, perhaps, have a teensy-weensy problem on its hands. Finance Minister Arun Jaitley has met various senior officials, and a revival plan has reportedly been presented to Prime Minister Narendra Modi. Better late than never, you might say. Well, that depends on exactly what the government eventually winds up doing.

The details of the plan are still unavailable as of this writing, but there is