If 2014 was the year of euphoria, thanks to the promise of better days and the decisive mandate with which the Narendra Modi government was elected, 2015 was a reality check for the Indian economy. While the government started fixing several bottlenecks, it became increasingly clear that it would take longer to clear the cobwebs of the past and address the problems holding India back from reaching its true potential. As a senior banker recently told me, the true extent of the patient’s illness had not been understood earlier and the road to sustainable economic well-being would be longer than expected.
(This story appears in the 22 January, 2016 issue of Forbes India. To visit our Archives, click here.)