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India's flagging economy draws dire warnings of recession

FILE - In this June 16, 2017, file photo, Indians buy dry fruits from a roadside vendor at a market in New Delhi, India. Three years later Prime Minis...
FILE - In this June 15, 2017, file photo, employees wait for customers at a toy shop in Khan Market, New Delhi, India. Three years later Prime Ministe...
FILE - In this  June 30, 2017, file photo, Indian Prime Minister Narendra Modi speaks at an event a day before the implementation of the nationwide Go...
FILE - In this Nov. 20, 2016, file photo, Indians stand in a queue to withdraw and deposit currency at an ATM a week after India announced that it was...
FILE - In this June 1, 2017, file photo, an Indian man walks beneath an under construction flyover in New Delhi, India. Three years later Prime Minist...

FILE - In this June 16, 2017, file photo, Indians buy dry fruits from a roadside vendor at a market in New Delhi, India. Three years later Prime Minis...

FILE - In this June 15, 2017, file photo, employees wait for customers at a toy shop in Khan Market, New Delhi, India. Three years later Prime Ministe...

FILE - In this June 30, 2017, file photo, Indian Prime Minister Narendra Modi speaks at an event a day before the implementation of the nationwide Go...

FILE - In this Nov. 20, 2016, file photo, Indians stand in a queue to withdraw and deposit currency at an ATM a week after India announced that it was...

FILE - In this June 1, 2017, file photo, an Indian man walks beneath an under construction flyover in New Delhi, India. Three years later Prime Minist...

NEW DELHI (AP) — Prime Minister Narendra Modi came to power on a euphoric wave of promises to boost India's economy, add millions of jobs and bring "good times" to the developing nation.

Three years later, India's economic prospects look decidedly grimmer. India's economic expansion has slowed to its lowest level in three years. Small businesses are struggling, or even shutting down, after overhauls of the nation's currency and sales tax system. Modi's own allies warn of a dire outlook, with some raising the specter of an economic depression.

The warnings have been sobering for Modi, who appointed a new Economic Advisory Council this week to offer him advice independent of the finance ministry.

Economists said that may be too little, too late.


Updated : 2021-02-26 15:37 GMT+08:00