The post Uttar Pradesh Economy Doubles in Nine Years, Claims Yogi Government appeared first on The Edge Media.
]]>According to the report, the state’s Gross State Domestic Product was around Rs 13.30 lakh crore in 2016 to 17. It increased steadily over the years and reached approximately Rs 30.25 lakh crore in 2024 to 25. For the financial year 2025 to 26, the economy is projected to cross Rs 36 lakh crore. The report highlighted that Uttar Pradesh has emerged as one of the fastest growing state economies in the country.
The Economic Review also pointed to consistent improvement in growth rates. The state’s growth rate, which was around 8.6 percent in 2016 to 17, is estimated to have risen to 9.1 percent in 2024 to 25. The government said that this reflects sustained economic expansion and better financial management.
Among the key highlights of the review, the per capita income in 2025 to 26 is expected to reach around Rs 1,20,000. The government said that efforts are being made to ensure balanced development across agriculture, industry and the service sector. It added that investment in infrastructure, digital economy and green energy has been prioritised to strengthen long term growth.
The report mentioned that the Ayodhya airport has been made operational and five international airports are expected to be functional in the state, further boosting connectivity and economic activity. Measures have also been taken to improve ease of doing business and attract private investment.
Before the start of the Budget Session, Chief Minister Yogi Adityanath said that this is the tenth Budget of his government and reflects the aspirations of the people. He stated that dialogue and coordination among departments are essential for effective governance and development.
Governor Anandiben Patel, in her address to the joint session of the Legislature, described Uttar Pradesh as a Breakthrough State. She said that over the past nine years, the state has moved beyond its earlier image and is now being recognised for effective law and order, economic reforms, agricultural progress, women empowerment and infrastructure development.
The Governor added that the government’s policies, administrative efficiency and focus on development have strengthened public confidence. She also said that the law and order situation in the state now meets national standards and has contributed to attracting investment.
The Economic Review further noted that per capita income, which stood at around Rs 54,564 in 2016 to 17, increased to nearly Rs 1,09,844 in 2024 to 25. It is projected to cross Rs 1,20,000 in 2025 to 26. Urbanisation is also rising steadily, with the share of the urban population expected to increase significantly by 2046.
The government emphasised that its focus remains on employment generation, inclusive growth and making Uttar Pradesh self reliant while strengthening its position as a major economic power in the country.
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]]>The post No Concern Over 500 Billion Dollar Imports From US in Five Years, Says Piyush Goyal appeared first on The Edge Media.
]]>Speaking in New Delhi, Goyal explained that India currently imports goods worth nearly 300 billion dollars from the US. With steady economic expansion, this figure could rise significantly in the coming years. He stated that India’s economy is expected to create demand worth nearly two trillion dollars, making higher imports manageable. He assured that while India welcomes trade, it will remain competitive in the global market.
Goyal emphasized that adequate safeguards have been incorporated in the trade understanding with the United States to protect the interests of Indian farmers and domestic industries. He said that the government has carefully negotiated the terms to ensure that sensitive sectors are not adversely affected.
Referring to the livestock and poultry sectors, the minister noted that India has agreed to certain tariff rate quotas for products such as corn based animal feed, also known as DDGS. He said this decision would strengthen the poultry and animal husbandry sectors by ensuring access to quality feed at competitive prices.
Goyal added that India is negotiating trade agreements with confidence and strength. He pointed out that India could access a market worth 35 trillion dollars in the future through such partnerships. According to him, the objective of these agreements is to expand opportunities for Indian goods and services globally.
The minister further stated that Indian farmers are already exporting agricultural products worth 50 to 55 billion dollars. With improved access to international markets, including the United States, farmers are expected to benefit from better prices and higher demand. He highlighted that Indian products will gain a competitive advantage in the American market, especially when compared with countries that face higher tariffs.
Meanwhile, political reactions have also emerged. Punjab BJP president Sunil Jakhar said that the India US trade understanding would boost economic development and create new employment opportunities for youth. He remarked that the agreement was finalized after detailed discussions and careful consideration.
On the other hand, the Communist Party of India Marxist expressed concern, alleging that the agreement could pose risks to the country’s economic sovereignty. The party claimed that excessive concessions may have been granted to the United States. In response, the Prime Minister’s Office clarified that national interests remain paramount in all trade negotiations.
Overall, the government maintains that the proposed expansion in trade with the United States will strengthen India’s economy, generate jobs, support farmers, and safeguard domestic industries while enhancing India’s position in global markets.
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]]>The post No Import Duty on 44 Billion Dollar US Exports to India Says Piyush Goyal appeared first on The Edge Media.
]]>Goyal explained that around 30 billion dollars worth of Indian goods exported to the United States will continue to face an average tariff of 18 percent, which includes labour-intensive products. However, nearly 12 billion dollars worth of Indian exports, including some agricultural items, will see no change in the existing duty structure.
He further stated that commodities such as steel, aluminium, copper and automobile components are currently subject to uniform tariffs across countries. The United States imposes up to 50 percent duty on these items, but this was introduced as an interim measure. India expects these rates to be reviewed and adjusted in the first phase of the upcoming bilateral trade agreement.
The minister highlighted that the government aims to ensure balanced trade growth while protecting domestic industries. He added that the proposed trade framework will help improve market access and strengthen economic ties between the two nations.
No Import Duty on These Products
According to the minister, agricultural products including meat, poultry, dairy products, apples, tree nuts, soya meal, oilseeds, grains, maize, barley, fruits such as bananas and berries, dry fruits, pulses, chickpeas, lentils, pet food, honey and malt will not attract import duty.
India–US Trade Measures to Protect Domestic Industry
Goyal clarified that India remains firm on safeguarding its farmers and micro, small and medium enterprises. He said India will continue to raise concerns at international forums against unfair trade practices and dumping. The country’s approach is to strengthen its manufacturing base while maintaining fair competition.
Boeing and Airbus Orders to Increase
The commerce minister noted that India is likely to increase aircraft purchases from Boeing and Airbus in the future. He said several Indian airlines have already held discussions with the top management of both companies regarding fleet expansion and long-term supply arrangements.
Quota-Based Duty Relief on Apples
Under the proposed trade arrangement, India will provide quota-based duty concessions on apples imported from the United States. Imports beyond the quota limit will attract a 25 percent duty. The quota will be capped at 80,000 metric tonnes annually.
On Tariff Parity
Responding to a query, Goyal said that zero-duty access under the agreement would improve India’s competitiveness in the US market. He pointed out that while the per capita income in the United States is around 90,000 dollars, India’s per capita income stands close to 3,000 dollars, making balanced trade policies essential.
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]]>The post India–US Trade Corridor Gets a Boost as Both Nations Finalise Trade Readiness appeared first on The Edge Media.
]]>Under the proposed arrangement, the United States is expected to reduce import duties on several Indian products. Tariffs on select categories are likely to be lowered from the existing levels of around 50 percent to nearly 18 percent, significantly improving the competitiveness of Indian goods in the American market. In return, India will rationalise duties on a range of US industrial and agricultural imports in line with global trade practices.
The agreement is projected to open an export opportunity worth nearly 30 billion dollars for India. Sectors such as generic pharmaceuticals, medical supplies, ready-made garments, leather goods, footwear, machinery, handicrafts, plastics and rubber products are expected to benefit directly. Agricultural and food items including tea, coffee, spices, fruits, soyabean oil, animal feed, dairy inputs and processed food products are also likely to gain from improved access and lower duties.
Government sources indicated that care has been taken to ensure that the interests of Indian farmers and the domestic agriculture sector are protected. No provision in the understanding is expected to adversely impact dairy or core farming activities. The focus remains on expanding exports while maintaining food security and supporting rural livelihoods.
Prime Minister Narendra Modi said the framework would deepen investment and technology partnerships between the two countries and create new opportunities for farmers, workers and entrepreneurs. He added that the initiative aligns with the Make in India vision and would contribute to job creation and long-term economic growth.
Uttar Pradesh Chief Minister Yogi Adityanath described the development as a major achievement under India’s current leadership, stating that it would enhance India’s global standing as a reliable manufacturing and export hub while safeguarding national interests.
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]]>The post India Reaffirms Energy Security Priority Amid Claims on Russian Oil Purchases appeared first on The Edge Media.
]]>Addressing a press conference in New Delhi, MEA spokesperson Randhir Jaiswal said India’s energy decisions are firmly guided by national interest, particularly the need to ensure reliable and affordable energy for its population of 1.4 billion.
Jaiswal said the government has repeatedly stated that energy security is a supreme priority and added that India’s strategy focuses on diversifying its energy sources in line with objective market conditions and changing international realities. He emphasised that all decisions related to energy sourcing are taken with this principle in mind.
Trump made the remarks following the announcement of a bilateral trade agreement between India and the United States. In a social media post, he claimed that India had agreed to stop buying Russian oil and would instead increase purchases from the US and potentially Venezuela, linking the move to efforts to end the Russia Ukraine conflict.
While Prime Minister Narendra Modi later confirmed the trade agreement, no official statement was issued by the Indian government regarding any decision to discontinue Russian oil imports.
Responding to questions on Venezuela, Jaiswal said India remains open to sourcing oil from any country based on commercial viability. He noted that India has a long standing partnership with Venezuela and would continue to make energy decisions guided by economic considerations.
The India US trade agreement was announced earlier this week, with tariffs on Indian goods reportedly reduced from 50 per cent to 18 per cent. Union Commerce Minister Piyush Goyal said the final agreement is in its concluding stages, a view echoed by US Trade Representative Jamieson Greer, who said the deal was still being finalised. A joint statement detailing the agreement is expected soon.
Russia also reacted to the developments, with Russian Foreign Ministry spokesperson Maria Vladimirovna Zakharova saying there was no indication that India would reconsider its energy cooperation with Moscow. She said the trade in energy resources benefits both countries and contributes to stability in global energy markets.
Kremlin spokesperson Dmitry Peskov said India has always sourced oil from multiple suppliers and that Russia is not the country’s sole energy partner, adding that there was nothing unusual in India’s diversified procurement approach.
Separately, Goyal reiterated the government’s position, once again stressing that energy security for 1.4 billion Indians remains paramount and that diversification based on market conditions and evolving global dynamics is central to India’s energy strategy.
The remarks come as External Affairs Minister S Jaishankar visits the United States to attend the Critical Minerals Ministerial hosted by US Secretary of State Marco Rubio. Jaishankar said his meetings included an extensive review of bilateral cooperation, along with discussions on the Indo Pacific, West Asia, Gaza and the Ukraine conflict.
At the Critical Minerals meeting, the External Affairs Minister also expressed India’s support for the FORGE initiative, aimed at strengthening resource security and geostrategic engagement.
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]]>The post Amit Shah Launches Bharat Taxi India’s First Cooperative-Owned Ride-Hailing Platform appeared first on The Edge Media.
]]>Addressing a gathering at Vigyan Bhawan in New Delhi, Shah said Bharat Taxi has been established by eight leading cooperative institutions, including dairy major Amul, and is designed to substantially increase drivers’ incomes while also giving them ownership in the platform.
He said that unlike conventional ride-hailing platforms, Bharat Taxi ensures profit sharing and collective ownership for drivers. Under its revenue model, the platform will retain Rs 20 out of every Rs 100 earned, while Rs 80 will be transferred directly to drivers’ bank accounts. Shah added that even the retained Rs 20 will belong to the drivers collectively, reinforcing the cooperative ownership structure.
Shah noted that competing ride-hailing platforms have already started reducing commissions and offering incentives, including free rides, after observing the success of Bharat Taxi during its pilot phase. However, he emphasised that ownership for drivers is a unique feature that no other platform currently offers.
“You will not only be drivers but also owners of the Bharat Taxi platform,” Shah said, addressing nearly 800 to 1,000 drivers who attended the launch event.
The platform allows customers to book cars, three-wheelers and two-wheelers, operating on a zero-commission and surge-free pricing model. Profits are distributed directly among drivers, positioning Bharat Taxi as a domestic alternative to foreign-funded ride-hailing companies.
India’s ride-hailing market is currently dominated by major players such as Uber, Ola and Rapido. Shah said Bharat Taxi is expected to emerge as a major welfare-oriented mobility solution for drivers across the country, from Kashmir to Kanyakumari and from Dwarka to Kamakhya.
Following the launch of this mobility platform, Shah said cooperative institutions would venture into additional sectors in the coming years to further strengthen cooperative-led economic models.
Drivers associated with Bharat Taxi will receive personal accident and health insurance coverage through IFFCO-TOKIO General Insurance Company. The platform is operated by Sahakar Taxi Cooperative Limited, which was registered on June 6, 2025, under the Multi-State Cooperative Societies Act, 2002.
The cooperative is jointly promoted by the National Cooperative Development Corporation, IFFCO, GCMMF (Amul), KRIBHCO, NAFED, NABARD, NDDB and NCEL. Its objective is to establish a sustainable, democratic and driver-owned taxi service that offers affordable, safe and efficient transport to the public while ensuring fair income, social security and dignified livelihoods for drivers.
Bharat Taxi began pilot operations on December 2 in Delhi-NCR and Gujarat. According to the Ministry of Cooperation, the platform has emerged as the world’s first and largest cooperative-based ride-hailing service and the largest driver-owned mobility platform globally.
Since the pilot launch, more than three lakh drivers have joined the platform, with over 10,000 rides being completed daily across operational regions. Around Rs 10 crore has already been distributed directly to drivers. The platform prioritises social security for drivers, referred to as Sarathis, through health insurance, accident coverage, retirement savings and dedicated support systems. Support centres are currently operational at seven locations in Delhi.
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]]>The post Russia Says India Free to Buy Oil Globally, Sees No Change in Crude Import Strategy appeared first on The Edge Media.
]]>Responding to questions about recent claims made by United States President Donald Trump, Kremlin spokesperson Dmitry Peskov said Russia sees no change in India’s oil import policy. Trump had claimed that Prime Minister Narendra Modi agreed to stop buying Russian oil and instead switch to crude supplies from the United States and possibly Venezuela.
Peskov said Russia has not received any official communication from India indicating a halt in Russian oil imports. He added that India has always sourced petroleum products from multiple countries and that Russia has never been its sole supplier.
“We, along with all other international energy experts, are well aware that Russia is not the only supplier of oil and petroleum products to India. India has always purchased these products from other countries. Therefore, we see nothing new here,” Peskov said.
Russian Foreign Ministry spokesperson Maria Zakharova also addressed the issue, saying the hydrocarbons trade between India and Russia remains beneficial for both sides. Speaking at a press briefing, she said the energy partnership contributes to stability in the global energy market and that Moscow is ready to continue close cooperation with New Delhi.
Zakharova added that Russian oil supplies play a constructive role in global energy balance, particularly at a time of market volatility.
Russian business radio station Kommersant FM noted that while President Trump spoke of a deal to stop Russian oil purchases, Prime Minister Modi did not make any such reference in his public remarks.
Expert analysis on India’s oil imports
Energy experts say India is unlikely to completely halt Russian crude imports due to technical and economic constraints.
Igor Yushkov, a senior expert at the National Energy Security Fund, said American shale oil differs significantly from Russian crude in quality. He explained that US exports are primarily light grades, similar to gas condensate, while Russia supplies heavier, sulphur-rich Urals crude.
According to Yushkov, Indian refineries are designed to process heavier grades and would need to blend US oil with other varieties, increasing operational costs. As a result, a direct substitution would not be feasible.
He also pointed out that Russia typically exports between 1.5 million and 2 million barrels per day of crude to India, a volume that the United States would struggle to replace.
Yushkov suggested that Trump’s comments appear aimed at projecting a political victory in trade negotiations rather than reflecting market realities.
He recalled that when Russia redirected oil exports to Asia in 2022 after losing access to European markets, it cut production by around one million barrels per day. This contributed to oil prices surging to 120 dollars per barrel and led to record fuel prices in the United States.
Trump last year imposed steep tariffs on Indian goods, including a 25 per cent levy linked to India’s purchases of Russian energy, taking total tariffs to as high as 50 per cent in some cases.
India’s oil import landscape
India imports around 88 per cent of its crude oil requirements from overseas markets. Until 2021, Russian oil accounted for just 0.2 per cent of India’s total crude imports.
Following Western sanctions on Moscow after Russia’s invasion of Ukraine in February 2022, India emerged as the world’s largest buyer of discounted Russian crude.
However, recent data shows a moderation in imports. According to real-time analytics firm Kpler, India’s purchases of Russian crude fell to about 1.1 million barrels per day during the first three weeks of January. This is down from an average of 1.21 million barrels per day in December and over 2 million barrels per day at peak levels in mid-2023.
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]]>The post India-EU Free Trade Pact Set to Unlock New Growth for Gems and Jewellery Exports appeared first on The Edge Media.
]]>According to the Gem and Jewellery Export Promotion Council, India’s exports of gems and jewellery stood at $30 billion in calendar year 2024. Bilateral trade between India and the European Union reached $5.2 billion, with Indian exports accounting for $2.7 billion, or nearly nine per cent of the country’s total sectoral exports, while imports stood at $2.5 billion.
Despite this scale, Europe’s jewellery imports from India remained modest at $628 million. Of this, $573 million came from precious jewellery and $55 million from fashion or imitation jewellery. These exports currently face duties ranging between two and four per cent, which has allowed non-FTA competitors to dominate the European market.
FTA to Level the Playing Field
The GJEPC said the removal of these duties would unlock significant export potential across the 27-member European Union, home to some of the world’s most premium jewellery buyers. With zero-duty access, Indian exporters will be placed on par with countries such as China and Thailand, which already enjoy tariff-free entry into Europe.
Kirit Bhansali, chairman of the GJEPC, described the India-EU FTA as a landmark agreement and thanked Prime Minister Narendra Modi and Commerce and Industry Minister Piyush Goyal for securing what he called a transformative trade deal for the sector.
Market Diversification and Export Revival
Industry leaders believe the agreement will significantly diversify export destinations at a time when shipments to the United States have declined sharply. The GJEPC said the FTA aims to double bilateral trade in gems and jewellery to $10 billion, or around Rs 91,000 crore, within the next three years.
Export hubs in Gujarat, Rajasthan, Maharashtra and West Bengal are expected to scale up shipments of plain and studded jewellery, silver ornaments and imitation jewellery, leveraging India’s strong design capabilities and skilled workforce.
Colin Shah, managing director of Kama Jewels, said the agreement opens access to 27 European markets, improving trade prospects for both Indian exporters and EU buyers. He noted that while India currently competes with China and Thailand, which already benefit from zero tariffs, the FTA strengthens India’s position, particularly in the context of higher duties imposed by the United States.
Manufacturing and Employment Boost
Pramod Agrawal, chairman of the National Gems and Jewellery Council of India, said the agreement would accelerate trade growth between India and EU member states. He added that increased exports would lead to higher domestic manufacturing activity, generate employment and support broader economic growth.
With tariffs removed and market access expanded, the India-EU FTA is expected to play a critical role in reshaping India’s gems and jewellery export landscape.
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]]>The post US Leaders Hail India Trade Deal as Boost for American Farms, Energy Ties and Global Strategy appeared first on The Edge Media.
]]>US lawmakers and officials described India as a close and strategic partner, stressing that the agreement marks a positive reset in bilateral ties and opens the Indian market further to American goods and services.
Senate Foreign Relations Committee Chairman Senator Jim Risch congratulated President Trump on the agreement, calling it a major achievement. He said it was encouraging that the world’s largest democracy had agreed to lower trade barriers with the United States.
Risch described India as an essential partner in countering China’s influence in the Indo-Pacific and said the new deal would also support Washington’s efforts to weaken Russia’s war economy. He noted that India’s commitment to purchase more American goods would help reduce its reliance on Russian energy and contribute to efforts to end the war in Ukraine.
US Secretary of Agriculture Brooke Rollins said the agreement would provide a major boost to American farmers by expanding access to India’s vast consumer market. She said increased exports would raise prices for farm produce and inject new income into rural America.
Rollins pointed out that the United States recorded an agricultural trade deficit of 1.3 billion dollars with India in 2024. She added that India’s growing population makes it a key market for American farm products and that the deal could help narrow the trade gap.
Energy and investment cooperation was also highlighted by US Interior Secretary Doug Burgum, who described Trump as a dealmaker delivering record investments through American energy exports. He said the agreement demonstrated the use of energy diplomacy to strengthen international relationships while supporting the US economy.
President Trump announced that the trade deal would lower reciprocal tariffs on Indian goods from 25 per cent to 18 per cent. He said India would also reduce its tariffs and non-tariff barriers on American products to zero.
Senator Lindsey Graham said India had earned the tariff reduction and praised the agreement as part of a broader strategy to pressure countries that support Russia’s war effort. He said reducing purchases of Russian oil would increase pressure on Moscow and bring the conflict in Ukraine closer to an end.
Graham has previously proposed legislation that would impose steep tariffs on countries continuing to buy Russian oil.
Strategic analysts also reacted to the announcement. Kurt Campbell, Chairman and Co-Founder of Washington-based advisory firm The Asia Group and a former US Deputy Secretary of State, said the agreement was a welcome but delayed signal after months of strain in bilateral ties.
He said both sides were now attempting to restore momentum in a partnership once seen as central to the 21st century. While the deal includes steps to open Indian markets to US companies, Campbell noted that restoring long-term strategic alignment would remain a challenge.
The agreement was finalised after a phone conversation between President Trump and Prime Minister Narendra Modi. Trump said the two leaders discussed trade, global security and efforts to end the war between Russia and Ukraine.
Trump said India had agreed to stop buying Russian oil and instead increase purchases from the United States and potentially Venezuela. He added that India had committed to buying American energy, technology, agricultural products and other goods worth more than 500 billion dollars.
Prime Minister Modi welcomed the agreement and thanked President Trump for reducing tariffs on Indian products. He said the deal would benefit both nations and unlock new opportunities for cooperation between the world’s largest democracies.
Modi said stronger India-US ties would contribute to global peace, stability and prosperity and expressed his commitment to working closely with Trump to take the partnership to new heights.
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]]>The post Union Budget FY27: Nirmala Sitharaman Faces Test of Finding India’s Next Growth Engine appeared first on The Edge Media.
]]>So far, a mix of income tax relief, GST rationalisation, higher infrastructure spending and interest rate cuts by the Reserve Bank of India has helped cushion the economy against external shocks, including steep tariffs imposed by the United States on Indian goods. However, sustaining this momentum now presents a tougher challenge, especially as previous tax cuts have reduced the government’s revenue headroom.
The broader economic backdrop remains complex. While domestic demand has shown resilience and inflation has eased from recent peaks, uncertainty persists globally due to uneven monetary easing by major central banks, geopolitical risks and unpredictable commodity cycles. At home, the government faces mounting pressure to boost consumption, generate jobs and continue capital spending, all while keeping the fiscal deficit on a declining path.
Economists believe Sitharaman’s biggest task will be identifying a new growth driver at a time when investor sentiment has been shaken by concerns over India’s trade negotiations with the US. Continued foreign portfolio outflows, weakness in equities and a rupee at record lows have added to the urgency of restoring confidence.
There is speculation that the government could lean on petrol and diesel excise duties to shore up revenues, using the window created by earlier declines in global oil prices. Any such move is expected to be calibrated to avoid a direct burden on consumers. Alongside this, regulatory simplification and structural reforms aimed at attracting both domestic and foreign investment are likely to remain a focus.
Despite limited fiscal space, major spending cuts are not expected. Capital expenditure is set to remain the backbone of the Budget strategy, continuing the government’s push in areas such as roads, railways, defence manufacturing, urban infrastructure and logistics. For FY27, economists anticipate a further rise in capex, though at a slower pace than the post-pandemic surge, with priority sectors including renewable energy, power transmission, defence and urban transport. Support for state-level infrastructure through interest-free loans is also expected to continue.
On taxation, the emphasis is likely to be on stability rather than headline-grabbing giveaways. Any changes to personal income tax are expected to be incremental and targeted at supporting middle-class consumption. Corporate tax rates are expected to remain unchanged, with greater attention on compliance, digitisation and widening the tax base.
Employment generation is expected to feature prominently, with possible incentives for labour-intensive manufacturing, skilling and apprenticeships. Micro, small and medium enterprises, which have faced pressure from high input costs and tight credit, could receive enhanced support through higher allocations or expanded credit guarantees. Production-linked incentive schemes may also see refinements as the government reviews their effectiveness in boosting manufacturing, exports and jobs.
The green transition is another key theme, with likely measures to strengthen renewable energy, green hydrogen, battery storage and electric mobility. At the same time, allocations for oil and gas infrastructure and strategic reserves are expected to continue to safeguard energy security amid global volatility.
Although FY27 is not an election-year Budget, its political undertones will be closely watched ahead of key state polls. Balancing welfare spending with fiscal discipline will remain a delicate exercise, especially amid demands for higher rural support and targeted subsidies.
Overall, the Budget is expected to emphasise continuity over surprise, reinforcing long-term growth priorities while managing near-term economic risks. Markets will look for reassurance that India can sustain high growth without undermining macroeconomic stability.
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