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Topic: Emerging economies
India may be witnessing the most glaring setback among emerging economies, but its double pain of slowing growth & surging inflation is spreading far and wide.
The IMF has pegged India’s economic growth forecast to 4.8 per cent for 2019-2020, much less than its October 2019 projection of 6.1 per cent.
Estimates say India received $69 billion in overseas remittances last year, equivalent to almost 3 per cent of GDP.
India has some of the least affordable transport fuel in the world, with a gallon (3.8 litres) of petrol costing more than three-quarters of average daily income.