|India Growth Economy Falling Apart|
|by Tom McGregor||Mon, Jun 4, 2012, 08:48 PM|
In India, trade and fiscal debts are surging, the rupee is at a record low, reforms are stalling on account of vicious political schemes and reluctant government, inflation remain high and investment and consumption are dropping. Growth in pivotal infrastructure and manufacturing has fallen sharply.
The BBC News reports that, “services, usually a double-digit growth booster, are hovering around 8%. Most worringly, farm growth is at below 2% and a below-normal monsoon has been forecast. It is ironical that all this is happening under the leadership of an Oxford-educated economist.”
The former governor of India’s central bank and respected economist, Bimal Jalan, said, “there’s something happening that we are not quite in grips with so something needs to be done.”
Dr. Jalan insists that a deeper structural and systemic problem is causing havoc to the economy.
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