Three years ago when India was struggling with slowing growth, a deteriorating macro-economic situation, record high current account deficit and fiscal deficit had triggered a flight of capital.
The situation was so gloomy that some analysts even talked of Indonesia replacing India as the `I’ in BRICS. Cut to now: Brazil has been downgraded to `junk’ and China is battling a growth slowdown. Russia has been the worst-affected by the commodities slump and South Africa’s economy is flirting with contraction.
India, on the other hand, is expected to emerge as the world’s fastest growing major economy.