While naysayers say the economy is on a downward spiral, optimists point out that India has experienced a shift of gears in the realm of policies, thanks to several initiatives of the Narendra Modi government, says Ashok K Lahiri.
The manufacturing sector during the fourth quarter recorded a growth rate of 9.3 per cent while the farm sector grew at 2.3 per cent.
Rajan retained the short-term lending rate at 6.5 and the cash reserve requirement of banks at 4 per cent.
The long-term growth perspective or potential for India is one of the highest in the Asia Pacific region.
