Uncertainty over government-led reforms remains an overhang for India despite its promising growth outlook and surging stock market, but India’s former central bank governor says the factors for change are in place.
“India has often times failed in the past. It’s punched below its weight,” Dr. Duvvuri Subbarao, a former governor of the Reserve Bank of India (RBI), said at the Credit Suisse Asian Investment Conference Tuesday. But he believes it will be different this time as Indian Prime Minister Narendra Modi pursues reforms.
“There’s been a remarkable turnaround in the India growth story, not so much because of what the new government has done, but because of what the new government is expected to do in the next 4-4.5 years,” he said.
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