Source: Financial Times, 26th July 2011

Economic officials typically accentuate the positive. Speaking to a gathering of economists in New Delhi a couple of weeks ago, Montek Singh Ahluwalia, deputy chairman of India's Planning Commission, however, was so forthright in outlining the myriad challenges facing India's economy over the next decade - from chronic water shortages to gigantic energy subsidies - that listeners would have been forgiven for imagining the country was slipping back to the 1960s and 1970s, where rates of growth were around 3 per cent.