If you set out to prove the decoupling hypothesis, the idea that Asian markets are now sufficiently distinct from the US and Europe to be insulated from the global financial crisis, you could do worse than starting with India. While at one point it looked as though the global recession would more than halve the 8.5% growth rate that India had averaged over the previous five years, the country now looks set to grow by as much 6%–6.5% this year and even faster in 2010, the effects of a severe drought notwithstanding. India’s resilience is largely...Read more