In India, the fruits of growth, increasingly unevenly distributed

The big names in Indian capitalism, like the Tata group, are supporting the rise in the Nifty, one of India’s two main stock market indices. DIVYAKANT SOLANKI/EPA/MAXPPP

The Indian dynamic is accelerating but mainly benefits large groups and wealthy households.

New Delhi

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. …

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