What accounts for India’s growth strong despite numerous structural problems?

India’s numerous structural problems are well known: Low average level of education among the population; Infrastructure shortfall (energy, transport ); A shortfall of savings to finance a sufficient level of investment; Need to import energy; P roblems in Indian society. Yet India today enjoys strong growth, and has done so since 2004 . What accounts for India’s strong growth despite its structural problems? Demographics? Simply productivity catch-up? India’s attractiveness to foreign companies? Stimulatory economic policies? A positive change in the sectoral structure of the economy (therefore a n efficient productive specialisation)? We find that the relevant explanations are probably: Demographics; Attractiveness for direct investment; Stimulatory fiscal and monetary policies; The development of IT and business services; The sharp decline in energy dependence.