India's acceleration in trend growth, from an average of about 6% in the late 1980s to as much as 10% (and, some hoped, beyond), may sound modest.

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Note that an upward trend in the rate of inflation reflects ACCELERATION in price changes.

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The first measure comes from the Bank of International Settlements, which found that if private debt as a share of GDP accelerates to a level 6% higher than its trend over the previous decade, the acceleration is an early warning of serious financial distress.

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These were on a gradual upward trend well before 2003, and show no acceleration after that.

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