By August of last year, the Indian economy — a star of the developing world — was in a crisis. The rupee had plunged 25 percent against the dollar. Credit was evaporating. The price of diesel was soaring, nearly crippling a country dependent on it.
Remarkably, by November, economic vitals stabilized, and by the New Year foreign investors had returned. Experts are now optimistic that 2014 will mark India’s comeback.
“The Indian economy continues to grow at over 5 percent,” says Elizabeth Finch, vice president, Sales, FedEx Express Europe, Middle East, Indian Subcontinent and Africa (EMEA). “While that is a comedown from the 8 to 9 percent growth the country had witnessed in the past decade, the size of the economy and the reality that even in the worst of times, India continues to maintain a higher growth rate than most countries cannot be discounted.”