Oh, guess again

Quick, which body of literature is under discussion here?
"----- literature’s fortunes progressed in a similar manner: the spectacular beginning, the prompt decline, the long stretch when nothing happened and recently, a literary rebound."

The Babu's going to let the resident (and non-resident) experts on Indian literature in and out of English decide whether we're in the Prompt Decline or Long Stretch stage while he settles down and waits for the Rebound to begin.