India cleans up its act

When India became an independent country on 15 August 1947, many feared that it would collapse into chaos. Instead, 70 years on, it is widely considered on track to become the world’s third-biggest economy by 2030.

India expanded at around 3.5% a year until the early 1990s, when it adopted free-market reforms that allowed growth to move up a gear. Now the annual rate is over 6%. Growth has dipped following last November’s sudden and chaotic withdrawal of two banknotes, which jointly comprised 86% of the country’s cash.

The economy will [...]