india and africa
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India ranks as the world's 12th largest economy -- and the third largest in Asia behind Japan and China -- with total GDP of around $560 billion. Agriculture accounts for about a quarter of that figure.The key question for the country's 1.2 billion people is whether this year's 8 percent growth rate is sustainable, or simply a one-off piece of monsoon magic that has given the massive agricultural sector a temporary lift.Opinions among analysts are mixed, but all agree that structural reform must continue if India is to have any chance of maintaining the growth spurt.Amit Mitra, Secretary-General of the Federation of Indian Chambers of Commerce and Industry, told CNN Wednesday that among the further reforms needed were flexible labor laws, lower power costs, lower interest rates and better infrastructure - particularly for roads and ports.As well, he said Indian needed a fresh agricultural revolution that would benefit the 50 percent of the population who live in rural areas.Mitra said India's recent economic growth was "phenomenal", and with inflation under control at less than 5 percent, the overall outlook was bright.He said Indian business was now more confident of its capabilities, and was prepared to make more offshore investments.The Indian government recently raised to 8...