Is India's economy crashing?

Open any newspaper or news website and the bad news is unrelenting. It looks like a whole slew of industries is crashing: The passenger car manufacturers, telecom service providers, airlines, banks that lend money to small businesses, real estate developers, civil construction companies, TV broadcasters and — hold your breath —even information technology (IT) services export behemoths. And the headline news makes it looks as if every indicator that economists follow — gross domestic product (GDP), employment rate, the rupee to dollar rate — is also heading downwar.....

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