April 23, 2024

Bloomberg New Economy: Why Worry of India ‘Hype’ Isn’t Swaying Investors

India’s best known economic policymaker of his generation, Raghuram Rajan, warned the nation this week against believing its own “hype” about a newfound era of stronger economic performance.

But what if everybody just goes on believing it anyway? Confidence can create its own dynamics, as no less than John Maynard Keynes recognized in coining the term “animal spirits” almost a century ago. Lately, those spirits have been lively with regard to India.

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