Indian Growth Sees a Two Year High
As one of the world’s fastest growing economies and an emerging economic superpower, India has seen rapid investment in infrastructure and trade over the past couple of decades but this has tailed off in the past few years causing many to worry about a possible stagnation in the country.
However, these concerns seem to have been dismissed as of late with growth once again back on the rise and official estimates see the country posting its best figures in two and a half years. India’s economy grew by 5.7% in the three months to June helped by strong growth in electricity, gas and water supply, and financial services, according to the Ministry of Statistics.
With these growth figures being higher than expected by analysts there is once again a buoyancy in mood about the Indian economy that has accompanied the recent election of the Narendra Modi government.
Since the new government has been installed it has initiated measures to minimize tax litigation and opened up defence manufacturing along with railway infrastructure to attract foreign investors with further moves to push the economy forward expected to be on the horizon.
Pro-business policies have seen a groundswell in business sentiment as investors have started flocking back to India and throwing money at various projects across the country. Capital markets have also been revived along with hiring industries picking up as consumer demand is once again surging forward in the burgeoning subcontinent.
Earlier in the year many foreign governments, including the UK, pledged investment in Indian infrastructure and defence projects which seem to have started paying off as the economy once again finds itself soaring. However, previous slowdowns are still on the mind of the Indian government and they are expected to make moves to combat the possible repetition of the same thing happening with foreign investors very much so at the forefront of their minds.
As such, now could be a great time to invest in India with many pro-business policies coming into action to encourage outside investment and an incredibly cheap and motivated workforce available from such a large and adaptable country.
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