Prime Minister Narendra Modi came to power on a euphoric wave of promises to boost India’s economy, add millions of jobs and bring “good times” to the developing nation.
Three years later, India’s economic prospects look decidedly grimmer. India’s economic expansion has slowed to its lowest level in three years. Small businesses are struggling, or even shutting down, after overhauls of the nation’s currency and sales tax system. Modi’s own allies warn of a dire outlook, with some raising the specter of an economic depression.
While government ministers have urged patience, analysts and others in Modi’s governing Bharatiya Janata Party are not so sanguine about the current trends.
“A hard landing appears inevitable,” Yashwant Sinha, a BJP lawmaker and former finance minister, said in a stinging commentary Wednesday in the Indian Express newspaper. He accused the government of rushing through poorly planned economic reforms, which he said will hobble home-grown businesses for years to come.
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