Chetan Ghate, Radhika Pandey, and Ila Patnaik write this nice paper on the topic (HT Ajay Shah Blog). The paper has some amazing findings as suggested by the title itself.
The paper begins with a superb discussion of business cycles in emerging and developed. I am yet to see a paper write so clearly about such complex topic in plain english.
Basic idea is that business cycles of emerging/developing economies are more volatile. This leads to more volatile output, consumption, investment etc. As an economy develops, one should see lower volatility in all these dimensions. The paper finds similar thing happening for India.
Mostly Economics 
