India’s economy slows down
We got word from India this morning that the economy there is slowing down. It grew at a rate of just 5.5 percent last quarter, which was the slowest pace in three years. For more, let’s bring in reporter Raul Tandon who is in Calcutta. He says parts of India’s economy is doing well, like construction, which grew 10 percent. He says the slowdown is partly due to the fact that the government has been unable to pass any economic reforms. “It’s completely paralyzed at the center. It’s caught up in a series of corruption scandals,” Tandon says. “Basically, business is losing confidence, so it’s not investing and people are not spending so much anymore.” The people are getting fed up, he says, and the compounding situation could lead to social unrest. Hear our audio above for details.
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