India’s government is scrambling to revive the economy
What it has offered may keep businesses on their feet—for a while
FOR DECADES Kwality restaurant has served spiced chickpeas and fried flatbreads to traditionalists and tourists amid the colonnades of central Delhi. One prominent fan was Arun Jaitley, a former finance minister and foodie, who would drop in for an impromptu lunch when parliament was disrupted. It is fitting, therefore, that Kwality’s wood-panelled shelves hold bound copies of Excise Law Times, a journal about some of the country’s Byzantine taxes.
When Mr Jaitley died on August 24th after a long period of ill-health, the great and good from across India’s fierce political divides joined in praising his intellect and civility. But the economy he presided over for most of Narendra Modi’s first term as prime minister has shown no such sense of decorum. Figures due on August 30th are expected to show growth of less than 6% year-on-year for the second quarter in a row. India has not had such a poor run since early 2013 (see chart), during a period of policy paralysis that helped destroy the previous government.
This article appeared in the Finance & economics section of the print edition under the headline “Meagre fare”
Finance & economics August 31st 2019
- India’s government is scrambling to revive the economy
- Narendra Modi’s government dips into central-bank reserves
- Donald Trump admits to putting the world through a “rough patch”
- A Netflix documentary provokes reflection in China
- China is calm as growth slows. But is it complacent?
- The World Bank’s pandemic bonds are not paying out for Ebola
- Germany debates banning negative interest rates
- The Pfandbrief, a fixture of German finance, turns 250
More from Finance & economics
When to sell your stocks
Poker provides investors with helpful guidance
Young collectors are fuelling a boom in Basquiat-backed loans
Auction houses are on a lending spree
Xi Jinping’s surprising new source of economic advice
What China’s leader may learn from a pair of reform-minded academics