After two years of stagnation, things are finally looking up for Asia’s third largest economy.
India, referred to by some as Asia’s sleeping giant, has seen gross domestic product (GDP) growth rates stuck below 5 percent for 8 straight quarters, damping hopes of an economic revival. However, a pickup in economic activity over the past three months is restoring optimism around the country’s outlook.
In a report released this week, Morgan Stanley outlined five key indicators that show growth is bottoming out: Industrial production was better than expected for a second straight month in May, exports saw double-digit growth for a second consecutive month in June, non-oil, non-gold imports, an indicator of domestic demand, recorded positive growth for a second straight month in June, medium and heavy commercial vehicles sales growth turned positive for first time in 27 months in June, and petroleum products consumption growth stood at a 17- month high in June.
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