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Hardly ‘Incredible India’ By Alistair Scrutton and Manoj Kumar NEW DELHI | Fri Dec 16, 2011 6:47pm IST   (Reuters) - Frustrated executives while away time in five-star hotels waiting for deals that never come, and civil servants play video games in their offices - growing signs of the reform limbo and crisis of confidence behind India’s economic malaise. Policy paralysis, corruption scandals and a government fearful of political backlash to any bold moves have combined with the global slowdown and worsening domestic finances in the last few months to derail Asia’s third-largest economy. India now faces the worst-case scenario that was touted earlier this year - stubbornly high inflation, slowing growth, a mounting fiscal deficit, a rupee that risks freefall — and both policymakers and the Reserve Bank of India (RBI) have few levers to fix it. http://in.reuters.com/article/2011/12/16/hardly-incredible-india-idINDEE7BF03W20111216?feedType=nl&feedName=intopnews

Hardly ‘Incredible India’

By Alistair Scrutton and Manoj Kumar

NEW DELHI | Fri Dec 16, 2011 6:47pm IST

 

(Reuters) - Frustrated executives while away time in five-star hotels waiting for deals that never come, and civil servants play video games in their offices - growing signs of the reform limbo and crisis of confidence behind India’s economic malaise.

Policy paralysis, corruption scandals and a government fearful of political backlash to any bold moves have combined with the global slowdown and worsening domestic finances in the last few months to derail Asia’s third-largest economy.

India now faces the worst-case scenario that was touted earlier this year - stubbornly high inflation, slowing growth, a mounting fiscal deficit, a rupee that risks freefall — and both policymakers and the Reserve Bank of India (RBI) have few levers to fix it.

http://in.reuters.com/article/2011/12/16/hardly-incredible-india-idINDEE7BF03W20111216?feedType=nl&feedName=intopnews


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