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Not long ago, India was a poster child for political stability and economic growth among emerging economies.It is not too late for India to reverse the trend.In fact, India's index of industrial production grew by a meager 1.2 percent in July, compared to 4.5 percent a year earlier.Meanwhile, annual export growth has fallen in recent years to just 3 percent, compared to 17.8 percent in 2003-2008, India's rapid-growth phase. To boost domestic demand in the short term, India needs Keynesian interventionist policies. To mitigate the rupee's appreciation, thereby boosting external demand, the Reserve Bank of India – one of India's most respected institutions, populated by qualified professionals – must be given greater policy space and autonomy.The bigger challenge facing India will be to nurture and sustain rapid growth in the long run.Once investment picks up, India will be able to recapture its past rapid growth – and sustain it in the coming years. That outcome would benefit not just India, but the entire global economy.
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