The Indian economy has bounced back, recording a growth rate of 20.7 per cent in the second quarter. Although the high growth figure may be due to the base effect as the economy had severely contracted in Q2 a year back, there is no denying that it is one of the highest jumps in growth rate amongst its peer countries. Credit is due to the government and the RBI for their efforts in co-ordinating the fiscal and monetary policy to steer the economy to the high growth path.