Political Disunity Hinders Economy

26 July 2012 22:30 - Lucy Williams

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Political Disunity Hinders Economy

Indian economic recovery continues to be affected by political disunity within India’s ruling coalition. The Indian rupee falls for a fourth day as a result of lacking political will to agree on and enforce economic reforms, increasing concerns around the country. India is currently witnessing further delays with their economic reforms as a result of disagreements. It has also been predicted that India is unlikely to witness any significant growth in the near future and the Reserve Bank of India (RBI) may potentially cut interest rates once again in the coming months. The RBI has found itself in a difficult financial situation as India faces slow growth and high inflation.

The Indian government has been advised to tackle the economic crisis and growing problems in a proactive manner to ensure that the country attracts foreign investors. It is thought that reforms in the retail sector would be extremely beneficial for India’s economy however Indian Prime Minister Manmohan Singh has so far had difficulties building consensus on the opening of India’s multi-billion dollar retail reform. Other reforms allegedly supporting the Indian economy include reducing costly fuel subsidies.

Positive news for the Indian economy includes hopes that the Indian rupee will be supported as the highest yields among leading Asian currencies.

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Related Links:
• Reserve Bank of India
Official Website

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