India’s Modi Slowdown
After Prime Minister Narendra Modi was overwhelmingly re-elected in May with an even larger majority for his party, many economists expected him to take bold steps to remove the many bottlenecks that have discouraged investors. But no one should believe the Modi government has the ability or the will to fix what it broke.
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NEW DELHI – Until recently, Indians had gotten used to taking economic growth for granted. After a decade of annual growth averaging over 9%, India’s economy weathered the post-2008 worldwide recession and grew at a still impressive rate of 7% until 2014-15. Nothing, it seemed, could stop the gravy train from rolling on.