The Indian economy has the engines for growth to cruise at 8% to 10%, but strong global headwinds mean that in the immediate future it’s more likely to grow at somewhere between 7% and 7.75%, said the government’s annual Economic Survey, released on Friday.
On the whole, the Survey was bullish on India, describing it as a "haven of stability and an outpost of opportunity" in a gloomy global scenario. It pointed out that "for an economy where exports have declined due to weak global demand and private investment remains weak, India’s economy is performing remarkably well". At the same time, though, it cautioned that "if the world economy lurches into crisis or slides into further weakness, India’s growth will be seriously affected", because Indian growth is much more aligned with the global economy than in the past.
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