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India’s Modi Slowdown

24 18 0
16.10.2019

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.

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    And then came Prime Minister Narendra Modi’s government and his biggest economic blunder, demonetization, which took 86% of India’s currency abruptly out of circulation (in an effort, Modi claimed, to flush out undeclared wealth). The economy is yet to recover. Millions of jobs were lost and hundreds of thousands of small and micro enterprises – employing 2-7 workers and dependent on daily cash flow to sustain themselves........

    © Project Syndicate