Economic growth in Asia’s third largest economy has bottomed out, the managing director of India’s largest bank, HDFC, told CNBC.
On Monday India kicked off its hotly anticipated Lok Sabha elections, set to be the largest democratic elections in history with 814 million people expected to take to the ballot boxes.
Many industry watchers are hoping the election will invigorate India’s beleaguered economy by providing more certainty and boosting sentiment. Growth fell to 4.7 percent on year in the three months to December 2013 and the government is forecasting 5 percent growth for the fiscal year 2014, a far cry from the near 9 percent expansion in the fiscal year 2011.
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