India's Economic Growth Predictions

• India's Central Bank has predicted that India's economy is likely to grow at a double digit rate during the next 20-30 years.
• India has the capability with its vast labour and lauded entrepreneurial spirit.
• But the private sector, which is supposed to do the heavy lifting that turns India from the tenth largest economy to the third largest by 2030, has become fed up.
• Business people often crib about India's problems but their irritation this time has a nervous edge.
• In the first quarter of 2011, the GDP grew at an annual rate of 7.8 percent; in 2015-17 it managed 6-7 percent.
• The economy may be slowing naturally as the low interest rates and public spending that got India through the global crisis have been belatedly withdrawn.
• At the same time, the surge in inflation caused by exorbitant food prices has spread more widely, casting doubt over whether India can grow at 8-10 percent in the medium term without overheating.

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