JOC Staff | Nov 26, 2012 11:17AM EST
India’s economic growth slowed to 5.3 percent in the second quarter, its lowest level in nine years, Coface reported in its assessment of the country’s fiscal performance.
Over the past 20 years, economic growth averaged 7 percent, and between 2004 and 2009, India’s economy increased at a 9 percent rate.
Future growth will be slowed by sluggish regulatory reform, tight monetary policy, poor infrastructure, political paralysis and strong domestic competition, the global credit insurer said.
India does remain highly competitive with China in terms of wages, the company said.