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Indian economy is very similar to the US and Euro zone in the sense that it is about 60% consumer driven as opposed to commodity export boom and/or government spending driven as is the case with the rest of the BRICS. The demographics are the most favorable among any nation in the 21st century. Lower Oil import cost should provide a huge boost to the supply side and help the balance of payments deficit in terms of USD thus providing a floor to INR. Cost of capital is higher though. Firms that raised USD denominated debt due to lower cost of capital have to be cognizant of the currency risk since a depreciation in the INR can cause the debt covenants of the balance sheet ratios to be breached.
Lastly, there is the lack of proper infrastructure. Albeit, the right moves are being made in the regard. For example, from what I hear, $100 Billion Amravati project to build a new state capital for Andhra Pradesh. 21st Century will belong to India. It is hers for the taking