The government has passed key reforms, opening up the retail and aviation sectors to foreign investors.

BBC: India cuts economic growth forecast to 5%

So-called structural reforms - making it easier to hire and fire and opening up closed professions - all take time.

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He does not condemn outright the reforms of 1991, which entailed deregulating business and opening India up (partially) to foreign trade and investment.

ECONOMIST: India��s choices

Mrs Merkel believes that growth best comes from structural reforms - making it easier to hire and fire workers and opening up professions.

BBC: Growth versus austerity

The Economist has, in the past, argued correctly that the sequencing of the reforms was not optimal, with the relatively easy opening up of currency and financial markets preceding the politically more difficult liberalisation of goods and labour markets.

ECONOMIST: Letters

Key reforms that would open up the country's financial sector such as the liberalization of interest rates and the opening of the capital account have been put on the back burner, and the timeline for their realization is uncertain.

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