ACCEPTANCE IS THE FIRST STEP TO RECOVERY

in a similar year-ahead for this magazine, we had written that the problem with the dominant narrative explaining India’s economic woes then was that it had little to do with reality and therefore policies based on such a narrative were unlikely to work. In the last months of 2017 when the global economy was clocking its strongest growth rate since 2010, India was languishing. At that time, there was virtual consensus among analysts, the market and the government that the decline in growth was just because of bad timing. An unfortunate and unintended confluence of demonetisation, the shift to a national GST, and rising bad debt in banks had temporarily disrupted domestic supply chains but that it was only a matter time before these headwinds would fade and India would be back to its winning