India had been the harbinger of global growth and development in the last decade second only to China. Reaping the benefits of liberalization and picking up the pace of growth and development, it not only came across as a roaring capitalist success story buy also an inclusive growth story by reducing poverty levels from 37.2% in 2004-05 to a record low of 22% in 2011-12. The deep and diverse stock market of India which is open to foreign investment and moves closely in-sync with the world emerging-market averages was just another indicator of the golden phase of India’s development. India once again seemed to be well on its way to reclaim the glory of the past years and everybody seemed to be scrambling to get a piece of the pie. But over the last two years, the euphoria surrounding the Indian economy began to fade. Growth stumbled, inflation rose, policy logjam took hold of the government and sectoral constraints like availability of energy, transport, water, land and labour laws reduced investor confidence in the country. Moreover, India found itself at the cusp of being accorded a “junk” status by global credit rating agencies S&P and Moody’s. India thus emerged as a melting pot of the pitfalls and promises of emerging-markets across the globe. With the new leadership portraying an inspiring vision the investor confidence has returned for now. According to a Nomura research note, India is entering a Goldilocks phase of rising growth and falling inflation. Though boosting growth, the Indian success story may not be able to replicate the 9% growth in the next 5 years. The skills and finesse required to execute this far-reaching growth and reform agenda would take time to reap benefits since the last few years have exposed some deep-rooted problems in the foundation of our economy and governance model