Public policy and the ability of private sector

Nouriel Roubini on BRIC and typically down grade India’s growth rate for 2009. In Forbes article he writes “Capital inflows and the IT boom played a large role in driving job creation, investment and asset bubbles in recent years. India's high dependence on foreign capital and IT exports increased its vulnerability to the global crisis. As a result, GDP growth in 2009 might fall to around 5% from the buoyant 8%-9% of recent years.”