A jiffy bag http://thumbzilla.fun/ thumbzila India spent that entire windfall, because the narrative was all about the fact that growth is coming anyway, so let's figure out how to redistribute the pie. There was hardly any productivity-enhancing reform throughout the boom period. It was seen as inevitable that with a high savings and investment rate, India would do well. [That] hubris, and the complacency that set in after that boom set the stage for what is happening now.