Economic Affairs: The Indian elephant is slowing but it will run again

India's radical economic reforms have come at a price for the short term

A year ago, the International Monetary Fund's (IMF) mission chief for India, Mr Ranil Salgado, described the economy as "an elephant that has started to run". India's economy was growing at more than 8 per cent, which made it the fastest-growing major economy in the world.

But it would seem the elephant has gone back to its leisurely stroll. This year, India's growth has gone downhill, slowing sharply to just 5 per cent in the quarter ended June - the lowest since 2013.

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A version of this article appeared in the print edition of The Straits Times on September 18, 2019, with the headline 'The Indian elephant is slowing but it will run again'. Subscribe