Ruchir Sharma of Morgan Stanley whose book on "Breakout Nations" has been well received has made the following apt observations in Economic Times:
"Prime Minister Manmohan Singh, an economist, has been consistently wrong on the economy. He has assumed strong investment and savings rates would keep growth above 8%, and dismissed inflation as the natural price of prosperity and crony capitalism as a normal symptom of early-stage growth, rather than recognising it as the cancer it is that leads to a backlash against wealth creation.
The irony is profound. Indian leaders were quick to credit the boom to the country's natural strengths, rather than the incoming tide of easy money. But now they are quick to blame their troubles on the receding global tide. Voters are wondering aloud how their "breakout nation" became a "breakdown nation" , seemingly overnight."