India’s 2002-2010 growth boom was underpinned by exports, which grew 18% a year for eight years—twice the rate of headline GDP—but in an era of hyper-globalisation. A vibrant debate is currently underway in India, and indeed across several emerging markets, about the pace of recovery from Covid-19, the extent of any permanent damage, and the nature of the policy response. But, soon, a more important debate will be upon us. What will drive growth in the post-Covid era? With public sectors confronting a mountain of debt, the fiscal will need to be reined in post-Covid across several emerging markets. […]
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