(Reuters Breakingviews) - A crisis focuses the mind. India’s shoppers are cuttin...
Indian Prime Minister Narendra Modi addresses the nation during Independence Day celebrations at the historic Red Fort in Delhi, India, August 15, 2019. REUTERS/Adnan Abidi
The country’s malaise is widespread. Worse, it has no clear cause. Theories range from the impact of a 2016 ban on high-denomination bank notes, compounded by a complex new value-added tax, to problems in shadow banks and lower government spending. Some problems are cyclical, others structural. Either way, India’s problem is mostly homegrown – and it looks thorny.
New Delhi will struggle to counter weakness with hefty stimulus. Revenues are running short, raising expectations India will miss its lower fiscal deficit target of 3.3% for the year to March. The central bank has already cut borrowing costs four times this year, but lenders have been slow to pass on the benefit.
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