Sober expectations

Economic Survey outlines barriers to restoring high growth

The Economic Survey for 2016-17 stands out not just because of the breadth of the research it contains but also because it provides a sobering, realistic and credible view of the Indian economy. It praises the government’s “bold new experiments” in economic policy and points out that, even after demonetisation, India will likely remain the world’s fastest-growing large economy next year. But it also provides a clear-eyed view of India’s long-term prospects. While it is not too late for India to become a high-growth economy, time is short. According to its estimates, India’s demographic dividend will peak in 2020. Unless