You know a country has it good when the worst news to emerge in the last year is a warning that economic growth could slow — to 7 percent.
Such is the situation in India, which is enjoying a remarkable combination of good luck and fundamental strengths that include a popular prime minister in the form of recently elected Narendra Modi, a growing consumer market and its emerging market cohorts in Brazil, Russia and China (BRICs) faltering in a way that has unsettled investors around the globe.
India’s successes have led to the country’s becoming what political scientist and geopolitical expert Ian Bremmer recently referred to as “the last BRIC standing.”
Around the world, Brazil is mired in political scandal and battling both recession and surging inflation, China’s economic struggles have roiled markets worldwide, and Russia’s economy is struggling to shake off the effects of economic sanctions and plunging crude prices, which this week touched 12-year lows.
Not so for India, the world’s largest democracy, which is home to more than a billion people and is currently a darling of investors.