India’s stock market has soared by 20% this year, the best performance of any emerging market. It’s all down to one man: the new prime minister, Narendra Modi. Modi revived the Indian state of Gujarat with his business-friendly policies – now voters hope he can do the same for the whole country.
A decade ago, India’s annual growth was heading to 10%. Now it’s half that level. Yes, the global economy has been weak in general, but most of India’s problems are home-grown.
The government spends too much on fuel and food subsidies, while taking in too little tax – [...]
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