Indian Prime Minister Narendra Modi's likely return to power for a second term will likely be positive for his country's growth, according to economists and investors.
"The economy is slowing down. The new government has to tackle investment as well as consumption. It also has to manage the NBFC crisis, which is ongoing. There is a burden of real interest rate, which needs to be cut. There is a lack of transmission of credit, which needs to be sorted out," he said.
Rashesh Shah, chairman and chief executive of Edelweiss Group, said investors — both foreign and domestic — have been holding back from putting money into Indian stocks and bonds because they are waiting for an "economic revival." Eldelweiss Group is one of the largest financial conglomerates in India.
J.P. Morgan India Economist Sajjid Chinoy said he expected that number to come in the "very low 6s," meaning anywhere between 6% and 6.5%. But the good news, he told CNBC's "Street Signs," is that some of the factors that led to the growth slowdown were "transitory." Chinoy said the authorities need to find more systematic ways of resolving tighter financial conditions in the NBFC sector.
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