India bulls are ecstatic. According to revised gross domestic product numbers released earlier this week, the country will expand 7.4 percent in the year through March -- on par with rival China. Never mind that most other indicators -- from manufacturing to trade to corporate investment -- seem to show that the economy is at best bottoming out, or that central banker Raghuram Rajan has himself expressed puzzlement over the revised figures. For optimists, India has once again reached that holy grail of emerging economies: "China-like" growth.
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