Is India creating a growth bubble?

The inflation is at a staggering 5.4% in spite of a drop in commodity and oil prices and a slowdown of the economy(the US inflation by contrast is 0.1%). It was as high as 13% around July 2008 last year. The main reason for the rising inflation, I gather, is the price of primary articles like food stuffs. What worries me now is that India, in the name of economic growth, is laying undue emphasis on growing the Industrial sector(that is, IT and financial services primarily) while completely neglecting the already inefficient agricultural sector! How is this economic growth? It will only lead to surging inflation and an empty growth bubble that is going to come crashing down when the corporate sectors become unable to borrow money, leading ultimately to hyperinflation followed by a recession that might slip into a depression! Isn't anyone concerned? Or am I wrong?