India’s 1991 economic model is on life support. What replaces it now?

Analysis of India’s economic situation has tended to confla­te several different themes. The immediate problem is, of course, the Strait of Hormuz stand-off. The rupee’s decline in value is its most visible symbol. An energy and commodities shortfall, remittances and exports concerns, amid demand destruction, have heightened fears of inflation and growth shock.