Nothing changed...as I said before currency effects were short term...anyway unlike China, India is a domestic economy. Last year India over took Japan as the third largest economy by PPP....,meaning peoples purchasing power are going up, a clear sign of decreasing poverty and growing middle class.
India has strong fundamentals to grow.
1) Large and growing consumer base
2) Huge opportunities for investment across all sectors especially in infrastructure
3) Good saving rates.
4) Strong financial system.
5) Strong private enterprise
6) Stable political system.
7) Relative peace in the country
8) Highly competitive market
9) Good reputation for its mind power across the world.
10) Relatively advanced industrial base.
11) Relatively strong in science and technology base.
Nice sugar coating of all the staggering problems in India.
First of all, India does not have a stable political system. It's extremely unstable which means reforms are impossible to do.
Secondly, Indian economy is extremely reliant on hot money from the Fed to fund its deficit.
When there was a hint of tapering, the Rupee collapsed and when tapering didn't happen, the Rupee rebounded.
If the the Rupee could rebound, then the greatest garbage could rebound.
Without the hot money, the Indian economy disintegrates into chaos. This proves the Indian fundamentals are dreadful where an economy has to rely on hot money to merely survive. That's an economy that has no future.
Indian economy is already slowing dramatically even with hot money because India has reached it's full potential as India lacks the manufacturing capability to grow your way without using debt.
India uses debt based consumption to grow which gives no return. You go into debt to invest in the future and pay back the debt. Building factories using debt is fine if you can produce goods and export and earn surpluses. But India goes into debt to consume depreciating consumer goods that give no future return.
Indian economy is fundamentally flawed to the core. Even Jim O'neill (BRIC guy) and Jim Rogers have said India is a horror story.
I think one area where experts get India wrong is that they think India has the same leadership quality of China so India could be like China due to population size. But as Lee Kuan Yew said India is a union of 34 countries glued together so major economic reforms are impossible to do because the Indian regime needs to keep the different ethnicities and religions happy.
Another area where India is shackled is in the Indian intellect. I truly believe the low IQ of the bottom 95% of Indians greatly hamper India's development. Overpopulation has meant there are not enough schools to educate the youth, which means they are useless humans that contribute nothing to India. This causes them to rape and do all sort of sick things.
India has been a flawed union from the very beginning and its social, ethnic and religious problems will mean India will struggle to keep the union together let alone be a superpower.