22 OCT,2019 | MEDC
India has grown at the slowest pace in six years in the June quarter due to a demand slump. The World Bank has reduced its economic growth forecast for India to 6% for the current fiscal from its April projection of 7.5%, citing a broad-based cyclical slowdown. Although India is not integrated as much into global markets as many other regions, it is not isolated from international economic developments. In this context, it would be wise to further efforts on joining the Regional Comprehensive Economic Partnership (RCEP), as staying out of it could result in India’s further isolation. The key is to overcome our export pessimism, but also negotiate hard to secure as much access to foreign markets as possible. To that end, structural reform in the Indian economy becomes necessary.
*Photo Credit: Google