Archived from the original on 6 January A reduction this month seemed like a sure thing until officials balked. In addition, personal income and value-added taxes were implemented at that time. Knowledge Wharton: Do you think India can replicate the Chinese model of export-led growth? That helps to explain why high oil prices combined with a housing bust in threatened to bring down the U. Retrieved 8 May In order to prevent the situation from worsening, the Modi government should pay undivided attention to getting growth back on track, says Duvvuri Subbarao, former governor of the Reserve Bank of India, and a research fellow at the Center for Advanced Study of India CASI at the University of Pennsylvania.