Martin Wolf of the Financial Times points out that ‘in the 2008-09 financial year, India’s gross domestic product expanded by 6.7 per cent. This year it is forecast to grow by 7.2 per cent.’ (Martin was also in Delhi in February and made similar comments on why India is leading post-crisis growth.) This is correct, but the quarterly and monthly economic data tells a more nuanced story and reveals more about the remarkable recovery. The economy [...] Read more »
India: resilient economy, persistent poverty
India has weathered the global economic crisis better than most countries, but has also felt the strain. Export and manufacturing sectors, though recovering now, were battered hard. The impact on poverty of even a two or three percentage point slowdown in economic growth is still possibly about six to nine million more people remaining in poverty. (A reflection of India’s high levels of poverty – with 456m people living on less than $1.25 a day, [...] Read more »
