A year ago, the Bharatiya Janata party in power, the economy was 'shining', the stock market was soaring to new heights, the global economic environment was benign, animal spirits were back in businessmen, inflation was low, and things were on a roll. Now, as 2004 winds down, it is more of the same -- other than the Congress replacing the Bharatiya Janata Party. This is unusual; India has not had good years in succession since the mid-1990s. In fact, the story has only got better. Growth has been sustained despite the double-whammy of a below-normal monsoon and record oil prices....
