India has failed to use a period of high economic growth to lift tens of millions of people out of poverty.
Growth in the east Asia region would be dragged down by the poor performance of countries like Thailand, Singapore and Malaysia.
Today, India has a 55 per cent market share of the world's diamond cutting and polishing business.
Many are turning to the lower end of the market among India's 1.2bn population where they expect rural incomes to be recession-proofed with government support.
Signs of "green shoots" in India came in the form of an ABN-Amro Bank purchasing managers' index based on a survey of 500 companies.
The economic downturn in the world's jewellery markets has checked the growth of India's diamond export industry, cutting the workforce by as much as 25 per cent and forcing one of the country's most promising export sectors to seek government help.
The global financial crisis has inflicted at least a year's delay on the Indian IT outsourcing industry's drive to reach its short-term revenue forecasts, with key markets in the US and Europe suffering from the financial downturn.
A series of interest rate cuts in India has failed to lead to cheaper commercial lending, leaving Asia's third largest economy to grow at only 6 per cent this year, the central bank said on Tuesday.
Despite New Delhi's self-reliant public stance, India receives almost twice as much development assistance for water and sanitation as any other country, according to data from the Organisation for Economic Co-operation and Development.
Soaring security expenses mean this month's parliamentary election will cost India over 50 per cent more than the last such poll in 2004.
It is hard to believe that barely two months ago Manmohan Singh was having quintuple heart bypass surgery. The Indian prime minister appears robust, if a little tired, as he pursues a punishing schedule that yesterday involved taking time out from campaigning in hotly contested parliamentary elections to fly to London for the Group of 20 summit.
India faces a shortfall of as much as $190bn in financing key infrastructure projects as the global crisis chokes off urgently needed capital, according to a study by McKinsey, the management consultants.
India's business leaders have reacted strongly to government opposition to the opening up of higher education to private investment that might help millions of young people.
High economic growth rates have failed to improve food security in India leaving the country facing a crisis in its rural economy, the United Nations World Food Programme warned.
Key sectors of the Indian economy shed half a million jobs in the final three months of last year as the global slowdown took its toll on one of the world's fastest growing big economies.
Sugar prices reached a four-month high on Tuesday after India, the world's largest consumer, lifted duties on the import of raw sugar to bridge a shortfall in domestic production.
Areva, the French nuclear group, agreed on Wednesday to supply India with up to six nuclear reactors in one of the first deals since the subcontinent's nuclear programme was brought into the international fold last year after decades of isolation.
Ranbaxy's shares jumped almost 10 per cent, having long been depressed by escalating investigations from the US Food and Drug Administration, triggering a ban, which is still in place, that stops the US importing or purchasing the company's drugs. Daiichi Sankyo, the Japanese drugmaker, reiterated on Wednesday that it would stick to its June offer to buy Ranbaxy in spite of its recent troubles.
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