Resilient consumer spending, inward investment support domestic economy
India’s economy has been insulated from the turmoil in emerging markets by a long-standing handicap: It isn’t an export powerhouse.
For years, growth in India has been fueled more by domestic demand—not, as in China, by manufacturing goods for sale abroad.
Now India’s resilient consumer spending is an advantage as demand decelerates almost everywhere else. It is luring companies to produce in India and, the government hopes, can help spark a belated industrial revolution in the country of 1.2 billion. Details