Tim Graham | Getty ImagesIndia "clearly has a problem" figuring out new drivers for its economic growth even as its economy expands at a fast pace, JPMorgan's Jahangir Aziz said, following the country's union budget.
"If you look at India over the last two years post the pandemic, recorded growth has been strong.
But if you look at the drivers of growth, it's essentially these two: Public infrastructure and services export," Aziz, chief emerging markets economist at JPM, told CNBC's "Street Signs Asia" on Tuesday.
According to estimates by the Ministry of Commerce and Industry, India's services exports will likely hit $30.3 billion in June, compared with $27.8 billion in the same month last year.
According to the International Monetary Fund's latest World Economic Outlook, the country's growth is predicted to decline to 6.5% in 2025.
Persons:
Tim Graham, JPMorgan's Jahangir Aziz, Aziz, CNBC's, V Anantha Nageswaran, Raghuram Rajan
Organizations:
Getty, Ministry of Commerce and Industry, Services, Reserve Bank, India's, International Monetary, University of Chicago Booth School, Reserve Bank of India
Locations:
Tardeo South Mumbai, India