01697pab a2200193 454500008004000000100001600040245007300056260000900129300001100138362001100149520112300160650002801283650002001311773003401331908000601365909001001371999001701381952010501398180718b2013   xxu||||| |||| 00| 0 eng d  aNagaraj, R.  aIndia's dream run, 2003-08: Understanding the boom and its aftermath  c2013  a39-51.  a18 May  aFrom 2003, the Indian economy enjoyed a boom in growth for five years. The economy grew at a rate close to 9% per year, until it was punctured by the financial crisis of 2008. What explains that boom? Did the sustained liberal reforms finally pay off? Or was it a debt-led, cyclical boom, coinciding with an exceptional phase in the world economy? This paper contends that it was the latter case, driven by private corporate investment , financed by rising domestic savings, and topped by unprecedented inflows of foreign capital- leaving behind heightened corporate leverage, and frothy asset markets. As the global economy faces a semi-slump and precarious macroeconomic balance, how to reverse the current slowdown isat the crux of the discourse on India's policy paralysis. With the corporate sector mired in over-leverage, perhaps the most credible policy options now available are to step up public infrastructure to boost investment demand, and expand bank credit on easy terms to the informal sector and agriculture - which were throttled during the boom years - so as to ease supply constraints. - Reproduced.  aEconomic growth - India  aEconomic growth  aEconomic and Political Weekly  aN  a99080  c99079d99079  00104070aIIPAbIIPAd2018-07-19hVolume no: 48, Issue no: 20pAR99540r2018-07-19w2018-07-19yAR