I chanced upon two good articles that i found interesting and worrying.
A V Rajwade: Dangerous complacency
The country may be headed for a balance of payments crisis unless policy makers wake up
This shows the rot that has developed thanks to grandiose welfare schemes and massive corruption funded by piling up a huge debt burden and the risk of a Balance of Payments crises if forever increasing fiscal defect is not controlled .
I had posted about the current PM being the 10%+ fiscal deficits man some time ago, as his term both as the the liberalizing (though reluctant) FM in P Narsimha Raos govt and as the current PM have been witnessing massive deficits high external debt and rampant inflation and the callous attitude of the govt that is funding itself through selling family silver in IPO after IPO in meaningless disinvestment.
It is also facing a massive credibility defecit thanks to the wishy washy ways of its leading politicians over many a things from controlling inflation to defending corruption and its appointments and to its use of CBI as a political tool .
Rigidly high inflation in food items witnessed since last 5 yrs that has long percolated into the general economy.