critical period

The following is an edited excerpt of a speech made by world-renowned economist Raghuram Rajan to the Bombay Chamber of Commerce on September 10, 2008.It might be a few years down the line since the speech, but it still remains highly relevant and reaches out to every Indian who has the nation's interests at heart.Ahead of yet another budget presentation, we at Sify thought it only apt to once again highlight it. 

Critical period

I think it is fair to say that we are entering one of the most critical periods in India's history.

The next ten years will determine whether we will take our place amongst the group of nations like South Korea and Taiwan that have made their way from poverty to moderate prosperity in a couple of generations, or whether the last few years have flattered only to deceive - whether the tremendous Indian growth of the last five years, following on the growth acceleration starting in the 1980s, is simply a growth spurt whose underpinnings are unsustainable