India faces dampened demand, stagnant lending, slowing growth
Growth dependent on consumption as govt has no room for a stimulus
Tue, Oct 10, 2017 - 5:50 AM
Workers cleaning hides at a tannery in India; manufacturing jobs are forecast to fall about 30 per cent this year, and broader surveys show that the hiring outlook is near a 12-year low.
CONSUMPTION was India's big story. Its 1.3 billion population was expected to guzzle everything from iron to iPhones, driving global growth and cheering investors such as Apple Inc and Goldman Sachs Group Inc.
For a while, everything seemed smooth. Indians were the world's...