The defining characteristic of the Indian economy now is its slide into stagflation — the combination of sliding aggregate economic activity (measured by GDP) and high and stubborn inflation.
Stagflation is probably the most difficult problem for economic policymakers to tackle.
Globally, the best example of how a country tackled and cured stagflation is available from the US experience of 1979 to 1982.
Like in India now, US GDP growth was first volatile and then decelerated sharply while consumer inflation rose to double-digits through the course of the 1970s.
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