Anup Roy

India likely grew at more than 7% last quarter, a pace most major economies would envy. Yet, that may still be too slow to deliver on Prime Minister Narendra Modi’s dream of a developed nation.

(Bloomberg) -- India likely grew at more than 7% last quarter, a pace most major economies would envy. Yet, that may still be too slow to deliver on Prime Minister Narendra Modi's dream of a developed nation.

India’s economy expanded faster than expected in the April-June quarter, easing fears that the Iran war would sharply weaken growth and underscoring the resilience of Asia’s third-largest economy.

India’s long-awaited private investment cycle may finally be stirring, adding another engine of growth that could help the world’s fastest-growing major economy sustain its momentum after years of heavy lifting by the government.

A India's long-awaited private investment cycle may finally be stirring, adding another engine of growth that could help the world's

The revival in private investment also comes against a difficult global backdrop.

India’s economy can approach $20 trillion by 2046 if it continues growing at its current pace, a top government official said, putting it in reach of Prime Minister Narendra Modi’s goal of becoming a developed nation.

India plans to seal free trade agreements with the Gulf Cooperation Council and Israel once conditions in the region improve, the South Asian nation’s commerce minister said, as New Delhi seeks to diversify its export markets.

India drew a record $127 billion from its vast diaspora, surpassing even the most optimistic estimates and giving policymakers a bigger war chest to defend the currency.

India tapped its vast diaspora for a record $127 billion through a special deposit program, a fundraising bonanza that economists say could come with a hefty $10.6 billion bill for the country’s central bank.