India's dreams of 10% growth hit by reality
The Wall Street Journal Europe
22 Aprile 2008
NEW DELHI: India's economy miracle is losing its magic, raising doubts about whether the nation can fulfill its ambition of becoming the next economy superpower.
Government officials and other India boosters hoped India had become one of those rare economies— such as China today and Japan in the 1960s—that could grow around 10% annually for a decade regardless of what happened in the rest of the world. Growth in India's gross domestic product has averaged just shy of 9% for the past five years. It reached 9.6% in the fiscal year that ended March 31, 2007, allowing India to finally gain some respect among the economies of Asia. The government forecasts that the economy grew 8.7% in the fiscal year that ended last month.
But as the global slump and rising inflation take their …
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