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Excellent article. Might be useful to try to do an "attribution analysis" of the "fall of India" across :
1. Moral degradation of people
2. Failure to carry out meaningful economic reforms from 2009 onwards
3. Failure to be prepared for QE and then for QE easing
4. Series of scams from 2010 - Commonwealth Games, 2G, Mining, Coal, Railways, and hence Anna Hazare and hence slow-down by bureaucracy
5. Now, failure to encourage "export-oriented" industries from going berserk & expanding rapidly.