, Columnist
India Is Sacrificing Growth. It Needs to Stop
Policymakers aren’t doing enough to prevent the economy from slipping back into its pre-pandemic rut.
The government is in denial about an economic slump.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Five years ago, policymakers in New Delhi were in denial about a funk in wage incomes so deep that Indians were skimping on 7 cent cookies.
Much has changed since then, but a lot hasn’t. Loans against gold are surging at a 50%-plus annual pace, a tell-tale sign of desperation among lower-income borrowers struggling to keep their heads above water by pledging what is often their only marketable asset.