In an article nine years ago in Mint, I had argued that India can at best sustain 7.5% economic growth, measured by the year-on-year change in real gross domestic product, with retail inflation of 4-4.5%. The Indian economy grew at a slower rate, with an average of 6.6% between 2012-13 and 2019-20, with higher consumer-price-index inflation of 5.7%.

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