, Columnist
A Better Tomorrow Won’t Fix India’s Broken Today
Improved economic numbers mask a dire need for Modi’s government to stimulate demand.
It was worse in May, but India’s economy isn’t really out of the woods.
Photographer: Prashanth Vishwanathan/BloombergThis article is for subscribers only.
India’s currency is strong, the stock market is surging, and long-term interest rates are under control. The technical recession that blighted the June and September quarters is probably already over. Prime Minister Narendra Modi has rolled out the red carpet for industries ranging from automobiles and solar panels to specialty steel. The iPhone supply chain is keen to set up assemblies.
So is it all looking up for India’s post-coronavirus economy? Hardly.