Costly mistake, Indian Express, 20 February 2012

The growth rate of India's GDP has declined to below 7
percent per annum. When in 2008, GDP growth in India did not fall
sharply as it did in the US, the epicentre of the global financial
crisis, we hoped that India had escaped the crisis. But the growth
in production has fallen slowly, and with a lag. However, the
downswing of the cycle around the trend line, is now showing signs
of persistence. Further, the lack of macroeconomic stabilisation
policies imply that we may not be able to engineer the kind of sharp
upturn in economic growth that the US economy appears to be
currently witnessing.