News Snapshot:
India has done relatively well despite multiple shocks in the past three years. The reasons include its “double diversity” advantage, arriving on a feasible set of reforms and the success of counter-cyclical policy in smoothing shocks. These may help mitigate the very real downside risks and sustain growth at above 6 per cent. A large and diverse country has an advantage under a global slowdown since some sectors continue to do well despite others slowing. Currently, even as manufacturing exports slow down, services exports and remittances are robust, reducing the current account deficit. The trend growth in digitisation — not...
