, Columnist
How India's Economy Came Back Down to Earth
Rarely has a major economy had such a humbling turn in fortunes. The usual saviors aren’t much help.
A long road ahead.
Photographer: DHIRAJ SINGH/BloombergThis article is for subscribers only.
India's economy lost its sheen this year. As it stumbles through a deep slowdown and a credit crisis, the country has gone from being hailed as a colossus-in-waiting to placing among the also-rans.
Rarely has a major economy had such a humbling turn in fortunes. In the third quarter, gross domestic product rose 4.5% from a year earlier, about half the pace notched in the first part of 2018. Consumer confidence has tumbled to the lowest level since 2014. The labor market, a vital indicator in a country with a population of 1.4 billion, is fragile: The jobless rate has climbed to a 45-year high of 6.1%.