India is a rising global economic power. Growth has increased steadily over the past few decades, pushing up India’s share in the global economy from around 2.5 per cent in 1980 (at purchasing power parity-adjusted exchange rates) to around 5 per cent today. Moreover, India’s economy has been among the fastest growing in the world in recent years.
India has the potential to grow even faster, but this calls for more structural reforms.
Without these, India will struggle to grow faster than around 8-9 per cent without seeing a build up in inflation pressures. The current inflation problem in India clearly demonstrates this.
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