Growth slowed to 4.5% in the July-September quarter from a year ago, the weakest since 2013. The central bank’s most recent forecast is for growth of 6.1% this fiscal year. So while 5%-plus expansion might look good on paper, India needs faster growth just to catch up with other Asian countries such as Indonesia, where per capita income is at $3,900, and South Korea’s $31,000. The economy has been shedding jobs, lenders and crisis-hit shadow banks have curbed loans and farmers’ incomes have been subdued. What do India’s banks have to do with the slowdown?

Source: Washington Post November 29, 2019 12:12 UTC