Circa January 2011, the year began with a lot of hope. The global situation was expected to improve with the unleashing of the second round of quantitative easing (QE2) by the USA while at home the government was expected to push forward some of the long awaited reforms and rein in the fiscal deficit.
Domestic demand was robust and corporate earnings were expected to grow at compounded annual growth rate (CAGR) of 18-20 per cent over FY2011-13. However, contrary to expectations, India's economic growth moderated sharply in 2011.
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