India's economy: Glass permanently half full on the road to development

Only three-four countries in the past 100 years have transformed themselves into developed nations - Japan, Taiwan, South Korea; and China in the 1990s

Many people seem convinced that the Indian economy is on track to becoming a developed nation. The untrammelled bullish case is that we have shed the vulnerabilities that were obvious until 2014, when the Indian economic renaissance burst forth. In this view, a steady gross domestic product (GDP) growth rate of more than 7 per cent will transform India into a developed country or Viksit Bharat. The definite signs of this right now are a low level of debt-GDP ratio, a low current account deficit (heading towards a surplus), a strong banking system, a well-managed Budget deficit,