India’s Economy: A Bric Hits the Wall
India’s economy – which was thought to be on the path to speedy economic growth – appears to be experiencing anything but. The countries recent GDP figures are the worst in 9 years, and an economic comeback at this point seems unlikely. Expectations for growth over the next couple of years will probably slip further, to depressing 6%. This raises three key issues. Firstly, previous beliefs were that, after liberalization, India’s economic growth had been accelerating. This, however, is now being questioned. Secondly, financial stability is no longer guaranteed, as it was once assumed to be. And thirdly, and perhaps most worrisome, is the lack of certainty regarding social stability.
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