NEW DELHI - A new law on Indian citizenship is threatening to pull Prime Minister Narendra Modi's focus away from a flagging economy as protests and criticism build against the divisive plan.
"There is an economic cost attached to all this, given all the violence that is taking place," said Mr Amitabh Dubey, an analyst at TS Lombard in New Delhi. At the same time, the Reserve Bank of India has cut interest rates five times this year to support growth. Still, there's little sign of a revival with consumer demand and investment remaining weak.
The protests over the citizenship law risks taking the government's attention away from immediate problems facing the economy. Unemployment is at a more than four-decade high, a drag on consumer confidence and spending in an economy where consumption makes up about 60 per cent of GDP.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »