The country that fostered Buddha was also one of the few in Asia that didn’t succumb to the fashion for convertibility. India was a cautious reformer and has escaped a mauling. Its economy will register not just positive but decent growth this year. Long labelled a laggard of reform, India now finds its moderate approach held up as a model for the opinion-formers in Washington as they scratch around for a new economic paradigm to replace the now-discredited pseudo-capitalism of the Asian economies.
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