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...The commentator would then say that “good luck is a combination of ability and opportunity”. This story comes to mind when thinking of India’s economy over the past two years. India has been lucky indeed. In the fiscal year ending March 2016 (FY16), the sharp decline in oil prices generated what economists call a positive “terms-of-trade” shock, which lifted growth. A terms-of-trade shock means that the things you buy suddenly become cheaper relative to the things you sell, allowing you to buy more things. In the fiscal year that just ended, CSO data that was released recently shows that the good monsoons helped agriculture propel growth. Notwithstanding disruption from demonetization, agricultural wages have continued to grow, along with their purchasing power as rural inflation declined. But India has also implemented good policies, which allowed it to take advantage of the external shocks. ...TOI on June 2, 2017, 3:10 p.m.