A year ago, India’s future looked bleak. Anemic economic growth, inflationary fears, and a lack of credible leadership in New Delhi had fostered uncertainty and pessimism. That changed dramatically when Narendra Modi became Prime Minister on the promise of reforming India’s government and jumpstarting its floundering economy.
On Sunday, President Obama begins a three-day visit to India. As he meets with Modi to cement America’s relations with India, all eyes will be on the world’s third largest economy’s potential and what it could mean for investors worldwide. Most signs point to a bright future and to the possibility that India could well become a superpower.
There are challenges, of course. The reforms that Modi has initiated are still in early stages. Political, cultural, and macroeconomic factors could slow down or derail progress; government corruption could be harder to eradicate than imagined, and oversized economic ambitions could crash against the hard…
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