Why is India’s middle class so silent about the slowing economy?
January 19, 2025 | by Deshvidesh News

This article was originally published in our weekly newsletter Slow Lane, which goes out exclusively to Scroll Members. If you would like to get perceptive pieces of reporting, opinion and analysis like this directly in your inbox every Saturday, become a Scroll Member or upgrade your membership today.
India’s economy is slowing. On January 7, the National Statistics Office forecast annual gross domestic product growth of just 6.4% for the financial year ending in March. This would not only be the slowest growth in four years but below the initial projected growth rate of 6.5%-7%. Worse, much of this was driven by a slowdown in manufacturing, further stymieing India’s efforts to employ its massive population.
Is this a cyclical slowdown? A temporary blip driven by short-factors? Investment bank UBS does not think so. It has blamed factors such as slowing foreign investment.
The chief India economist at the investment bank HSBC, Pranjul Bhandari, contended that the high growth India saw till now was simply the economy rebounding after the Covid-19 pandemic. “My sense is the kind of growth numbers we are going to see in the foreseeable future are going to be on average closer to about 6.5%,” she said.
India’s incredible growth story since the early 1990s has long been celebrated. So why is there…
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