Vitally important 0.1%.

India's "overall growth remains robust and is estimated to be 6.9 percent for the full year with real GDP growing 7.7 percent year-on-year during the first three quarters of fiscal year 2022-23. There were some signs of moderation in the second half of FY22/23." The World Bank. However, "The World Bank...said it has lowered its forecast for India's economic growth in the current fiscal year (2023-24) that started on April 1 to 6.3% from 6.6%." ET. In its World Economic Outlook in January, the International Monetary Fund (IMF) projected India's growth rate at 6.8% during 2022-23 and at 6.1% in 2023-24. India Today. Chief Economic Advisor (CEA) V Anantha Nageswaran said that India needs a growth rate of only 5.1% in the March quarter to achieve 7% growth for the last financial year." CNBC. "However, economic output is still below where it would have been in case there had been no pandemic - a gap of $350 billion. Think of this as a permanent output loss," wrote Niranjan Rajadhyaksha. "Indian economic growth began to accelerate in 1980. The average speed of economic progress in the three decades since then has been 6.3%." The worry is that , "Of the 7% growth rate, four percentage points are accounted for by productivity growth, two percentage points come from investment activity, and only one percentage point from growth of labor force." "India currently has a per capita income of around $2,500." China, South Korea and Taiwan took 4,5 and 6 years to double their per capita income. Malaysia and Indonesia took 12 years and the Philippines took 16 years. India seems to resemble Indonesia. Between 2019 and 2022, India's output loss was 18.2% which is much higher than 10 other major economies, wrote Alok Sheel. Malaysia and Thailand were second with a loss of 13%. "A plausible explanation for this outsized output loss is that average growth between 2014 and 2018, based on official data, is overestimated. If this is brought down by 1 percentage point from 7.4% to 6.4%, the output loss comes down to 7.9%," which is nearer to the average for the other countries. But then, our growth rate would fall below that of China, Vietnam and Bangladesh. "Short of striking oil, history has presented countries with no better path to prosperity than international trade," wrote Mihir Sharma. But, "When it comes to trade, decision-making is left to middle-level bureaucrats - or, worse, to chambers of commerce who have never seen a tariff they didn't want to double." "In the meantime, China is using its current lead to entrench itself at the center of the supply chains that will probably define the next century. China's autocrats seem to trust their people to flourish in an open world, while India's democrats don't appear to share a similar faith in their citizens." If our output loss is permanent, we are growing to return to the same place as before the pandemic. Hence, the CEA insists on a growth rate of 7%, while the World Bank says 6.9%. How important is that 0.1%?