New Hindu numeral
Raj Krishna made the term Hindu rate of growth famous when he talked of how, no matter what you did, Indias rate of growth wouldnt move beyond 3-4%. Well, theres a new numeral in town, and it doesnt deal with just growth. According to a senior gent in the Prime Ministers Economic Advisory Council (PMEAC), everything seems to be converging to the numbers 5 and 5. Economic growth of 5.5%, a likely Q3 current account deficit of 5.5% of GDP, a fiscal deficit of 5.5% of GDP no, the inflation numbers arent trending down to this holy numeral, nor is IIP trending up towards it. As yet.