India, Sept. 25 -- Our economy is demand-driven. To achieve 8% of Gross Domestic Product (GDP) growth, India needs to spur demand. This can only happen by increasing the earnings of the 800 million Indians who presently survive on ~10,000 per month.

Before November 8, 2016, the economy was moving in the right direction. The decision to demonetise paralysed it. Growth fell every quarter. That downward spiral continues, and may continue for some time. The folly of demonetisation was compounded by the imposition of an ill-structured multi-rate Goods and Services Tax (GST). Businesses required time to adjust to this paradigm shift. Small and medium-size entrepreneurs were unable to adjust to the complexity of the GST framework. It disturbed th...