Poverty. Riches. The world's largest democracy. An ancient caste system. Bollywood. India is a land of contrasts, a booming new power that remains baffling to outsiders and insiders alike. The Shiva Rules is a year-long GlobalPost series that decodes the many mysteries of India's uneven rise in the 21st century.
NEW DELHI — How bad can things get in India? Experts say a full-blown financial crisis like the one that devastated the so-called “Asian tigers” in 1997 is unlikely. But some of India Inc's marquee names are in big trouble.
NEW DELHI — As recently as 2010, India's economic rise was thought to be inevitable. Poverty? Call it a “low base.” Unemployed millions? Call that the “demographic dividend.” A runaway deficit? That's “inclusive growth.” Morgan Stanley's emerging market guru Ruchir Sharma cautioned against that kind of thinking. These days, as India's economy crumbles, those warnings are looking prescient.
India's economic growth slowdown will not last long as the government moves to make foreign investment easier and push forward new infrastructure projects, the country's prime minister said on Thursday.
Economic growth in the world's largest democracy has slowed down dramatically, growing 5 percent last year after recording an average of nearly 8 percent over the last nine years.