The ebbs and floods of investment and growth in the Indian economy in the past two decades are rooted in the movements in steel prices. Short-cuts used in the compilation of macro statistics obscure the policy debate by creating incongruous images: real investment growth is rising, but the rate of investment is sliding; doing business is easier, but business activity is growing slower. If policies are pursued to facilitate business activity, and better methods are used to measure it, India can raise its gross domestic product per capita to $5,000 by 2030 (from $1,965 in 2017).
