Are things looking gloomy for India? The country’s annual economic
growth rate slipped to 5.3 percent in the first quarter of this year,
the slowest in a decade, and a poll out last week shows analysts slashing their growth forecasts for this year.
Yet India remains an incredibly promising economy.
First, India overall is still very poor, and so there’s a lot of room
to move up. Its per capita GDP is still only about a third that of
China’s, and it still has huge advantages in terms of low cost of labor;
it has a long way to go before it even becomes a middle income country.
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