The Indian dynamic is accelerating but mainly benefits large groups and wealthy households.
The South Asian giant continues its momentum. Indian government reported Thursday evening that growth reached 7.6% in the third quarter, compared to 6.2% in the previous quarter. The economy had already posted a pace of +6.1% at the start of the year. The figure is higher than expected. A Reuters poll of financial analysts expected 6.8% in a context of persistent inflation and a high interest rate policy practiced by the Indian Central Bank, the RBI.
Activity was driven by the manufacturing industry and construction, which jumped by more than 13%. Last year, the government Modi had in fact initiated a major works plan worth some 130 billion euros to modernize infrastructure. Objective of Hindu nationalist power: to make India a “developed country” for the centenary of independence in 2047. The mining industry and the energy sector also drove activity with 10% growth each. …