Rajiv Malik explains
“There is no reason to think growth is going to turn around anytime soon. We could clearly be down in the dumps for longer simply because my main assessment for India remains—it’s like a truck with a messed-up gearbox. You can change the tires, you can paint it, you can do wonderful things, but will you get the gearbox going?”
To a large extent, India’s growth was predominately a one-trick pony, relying on private consumption which had been held up in large part by debt financing and post the NBFC crisis late last year, a lot of unraveling has taken place. So, after three-four years of strong private consumption growth, there is a natural tendency of momentum to slow down.
Read more at: https://www.bloombergquint.com/economy-finance/consumption-slowdown-indias-one-trick-pony-growth-not-going-to-turnaround-anytime-soon-says-rajeev-malik
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