15 September 2016 at 23:36 GMT
Nikkei Asian Review
India's economy is doing well despite slower growth in the first quarter of fiscal 2016-17, but moribund private investment and a cloud of bad loans over banks are worries, according to Arvind Subramanian, chief economic adviser to the government. India's GDP grew by 7.1% in the April-June quarter, after 7.6% growth in 2015-16. Experts say India needs to grow by 8% to 10% per year for decades if it wants to catch up with China. “Export growth in both manufacturing and services will be essential to achieve 8% to 10% growth consistently,” said Subramanian. “For example, India has to capture the space created because of China's retreat from sectors such as textiles”.
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