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According to the Asian Development Outlook 2004 (ADO), an upswing in India's current business cycle is riding on an underlying long-term growth path which is also accelerating.
This trend is expected to push overall growth to 7.4% in 2004 and 7.6% in 2005. High aggregate growth in FY 2003 reflected an acceleration in services sector growth, combined with a strong recovery in agriculture and stronger growth in industry.
According to report, though gross domestic product (GDP) is growing rapidly, markets are strong, and the balance-of-payments position is comfortable, there are still serious challenges facing the economy.
A large deficit, the short-term and reversible nature of foreign exchange inflows, poor quality of infrastructure, and the slow growth of employment are all causes for concern. Poor performance in human development indicators and growing inter-regional disparities are also major concerns.
A serious obstacle to sustained growth in the country is inadequate power supply. Continuing and severe shortages of power are as much due to inadequate generation capacity as to huge transmission and distribution losses from theft as well as technical inefficiencies, the report says. These losses amount to nearly one third of power generated and a significant reduction in them would considerably ease power shortages even before new generation capacity comes on stream.
All of these issues require improved corporate governance in the power sector, according to the report.
.... South and Southeast Asian Corporate Report Card
.... India becomes Asia’s fastest-growing economy
.... IMF's Global Financial Stability Report
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