The fall in imports and to a lesser extent the rise in exports inverted the sign of external current account balances for the first time in many years and generated sizable surpluses. The crisis took on political and institutional overtones in Indonesia, where GDP is estimated to have contracted by 15%.
All we need to do is to pluck them. So if it is so easy, why are we not there already? This is an important question, but I don’t want to go into the political economy of underdevelopment today. Suffice it to say that India is battling the internal interests that held it back in the past.