India claims to be the world`s fourth largest economy. Reports say while it produced $9.4 trillion in goods and services in 2017, it still cannot beat the top three i.e. China with a production worth $23.1 trillion, the EU with $19.9 trillion, and the US with $17.4 trillion. In fact, it does not seem possible anytime soon i.e. in a decade, two, three or four of India overtaking the top three. Despite promises, Prime Minister Narendra Modi has largely failed to reduce bureaucracy and regulations, ease of doing business and simplify the tax code. Unemployment is at 8.5pc, the government-owned banks have bad debt, the rupee declined and inflation is rising, there is low per capita income, huge...
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