NEW YORK : India’s economy is in a downward spiral. The Economist Intelligence Unit just lowered the forecast for India’s growth in the coming year from -5.8% to -8.5%. In fact, from 2016, India’s economy has moved as though it was walking down one of the many historic stepwells one sees all over India, with each year’s growth rate lower than the previous year’s (see Chart 1). I do not think long-run growth will drop but the constituents of growth are likely to change. Some 4 or 5% of India’s population were literally sent off like sprinklers across the nation.

Source: Mint August 27, 2020 14:26 UTC