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Koefoed: How India's getting back on track
Growth in India surprised slightly on the upside this Friday; it expanded 4.8% in the second quarter. There was an uptick in agriculture and construction which helped the figures. And Saxo Bank's Head of Macro Strategy, Mads Koefoed, says it's time to take a fresh look at the country as the worst could well be over.
India is trying to recover from a long slowdown. Earlier this year, the rupee plummeted largely on fears the US Federal Reserve was about to end its bond buying programme sooner rather than later. That's actually helped the economy, says Mads, as exports have improved as has the investment climate.
Mads is fairly positive about the future and doesn't expect another currency shock any time soon. Reforms of the labour market have helped and the country's starting to get a handle on its public budget deficit. However, he warns there's much more to be done.
01:29 minutes
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