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Where will India’s next growth boom come from? This question may be central to thinking about our medium-term prospects, but isn’t easy to answer at all. Not just because predicting sectoral growth is never easy, but also because India’s structural problems at the moment seem so deep and so unresolvable that a sense of gloom has set in even though the official GDP numbers suggest a recovery.
In some sense the basic problem is that the lending and investment pipeline continues to be clogged. The non-performing asset (NPA) crisis at public sector banks (PSBs) is nowhere close to being resolved. The
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