Though downside risks to the economy have receded in recent months, it is likely that the growth engine will continue to sputter until 2015 even if "business-friendly" Narendra Modi becomes prime minister, says a report by rating agency Moody's analytical arm.
"The May elections offer the chance for better governance, especially if the business-friendly Narendra Modi becomes prime minister, but it will be a long road for the economy...as there is little on the horizon to lift the economy in 2014," Moody's Analytics said in a report titled, 'India Underwhelms.'
It senior economist Glenn Levine cited weakness in the real economy as the reason for his pessimism, with third-quarter GDP figures likely to show the economy growing at about 4.8 per cent.
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