The Indian middle class needs to learn that house prices can fall too

It is something of a relief that the Union government finally appears to have accepted that the Indian economy is slowing sharply, across sectors and geographies, thanks to a combination of cyclical and structural factors. This means that the government’s famed decisiveness is finally being applied to the Indian economy. The problem is, however, that the diagnoses are wrong, and perhaps even the understanding of the problems is a little deficient, thanks to the shortage of economics expertise at the highest level. Thus, too many of the decisions move in the wrong direction. Rather than m.....

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